European Regtech Fourthline Raises €50 Million In Funding

Finch Capital and other new and old investors gave €50 million to the European Regtech company Fourthline.

The AI-based Fourthline platform gives banks and other financial service providers a full set of tech products that meet KYC, AML, and GDPR requirements in Europe. Millions of new customers are checked by Fourthline every year. It does this by running around 200 checks that automatically look at ID documents, biometric data, current residence, and worldwide sanction lists, among other things.

Since it started in 2018, the company has grown by more than 80% every year. It now has over 270 employees in the Netherlands, France, Spain, and the UK. N26, Trade Republic, Qonto, Scalable Capital, Solaris, and Western Union are among its clients.

Co-founder and CEO Krik Gunning says:

“In order to hold back the tide of financial crime, a raft of KYC, AML and anti-fraud technologies have been developed. Simultaneously, legislators have tried to keep up, which has increased the regulatory burden on companies. However, a lot of RegTech point-solutions do not truly alleviate the compliance burden on regulated entities as evidenced by the thousands of employees performing manual checks at banks that have deployed point solutions. At Fourthline, we provide financial institutions with a single, banking-grade solution for continuous, ‘lifetime’ financial compliance.”