More than 3 million cases of fraud are reported in the UK each year, accounting for almost 40% of all reported crimes. To solve this problem, financial institutions are turning to AI, but AI requires large amounts of data and accessing this data is a challenge. Strict privacy regulations like GDPR have made it increasingly difficult to obtain the actionable data needed to train these AI fraud detection tools. This lack of reliable information is a growing concern for the industry, as it limits efforts to stay ahead of sophisticated fraud schemes.
Dynamics of financial crimean innovative fintech enabling financial institutions to build better defenses against financial crime using criminal behavior intelligence and data assets, has developed a platform that simulates complex fraudulent behavior. This allows financial institutions to test their existing detection measures and synthesize the data needed to improve them.
Oxford Capital led FinCrime Dynamics’ seed investment round, alongside Twin Path Ventures and Syndicate Room, backing founders Stephen Quick and Daniel Turner-Szymkiewicz.
“Financial crime is evolving every day, especially with criminals’ increasing adoption of generative AI, and it’s technology solutions like FinCrime Dynamics that are the key to staying ahead of the curve. » said Richard Oakley, senior investment director at Oxford Capital. “We are proud to support this innovative work.”
“FinCrime Dynamics is excited to now announce our latest fundraiser” Stephen Quick, CEO and co-founder of FinCrime Dynamics, spoke about the success of the seed round. “Finding the right investor is an extremely important long-term partnership for any business. FinCrime Dynamics has always been fortunate to attract high-caliber investors. We are pleased to have received additional support from the Twin Path Ventures team and long-time angel partners such as Robert Sansom in this new round of funding.
“We are also excited and grateful to our new investors who have joined our journey this round, such as Oxford Capital, Syndicate Room and Ascension. We are particularly excited to work with our new lead investor Oxford Capital and welcome Richard Oakley to our Board of Directors.