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Fraud prevention startup Quantexa raises $129M at a $1.8B valuation

Apr 4, 2023
Illustration of a collage of a stack of money wrapped in crime scene tape with a scrap of paper in the background.

Illustration: Aïda Amer/Axios

Quantexa, a London-based developer of tools to manage fraud, risk and compliance, raised $129 million at a $1.8 billion valuation.

Why it matters: The same technology used for fighting fraud and financial crime in banking can be applied to customer and data management in a wide variety of sectors.

Details: Quantexa’s Series E funding round was led by Singapore sovereign wealth fund GIC and includes investment from Warburg Pincus, Dawn Capital, British Patient Capital, Evolution Equity Partners, HSBC, BNY Mellon, ABN AMRO and AlbionVC.

Context: Quantexa calls itself a “decision intelligence platform” that can be used for KYC/AML verification, credit risk management, fraud prevention and regulatory compliance.

  • The startup began by primarily serving banks and other financial institutions but has expanded to serve other data management and customer intelligence use cases in sectors like health care, government and insurance.
  • Customers include BNY Mellon, HSBC, Standard Chartered, Danske Bank and Vodafone, as well as government agencies like the Public Sector Fraud Authority within the U.K.’s Cabinet Office.

Between the lines: The new valuation represents a big jump from its previous round in July 2021, when the company raised $153 million at an $800 million valuation.

  • It also follows the acquisition of Dublin-based natural language processing and AI startup Aylien in late February.
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