Paris-based payment fraud detection startup Bleckwen has raised $10 million in a funding round led by Ring Capital, with participation from existing investors, including TempoCap, Bpifrance, and Ineo.
Bleckwen, which is a spin-off from the French cybersecurity firm Ercom, specialises in real-time analytics and fraud prevention in payments within the wider anti-money laundering and counter-terrorism financing context. It also claims to be able to protect banks from attacks related to the abuse of the PSD2, aka the open banking directive.
“Nearly $4 trillion is stolen and laundered through banks annually — circa 3 percent of global GDP,” said David Christie, Bleckwen's CEO. “Existing technologies are just not cutting it in the fight against this scourge of society. Something else needs to be done and at Bleckwen, we have made tremendous progress over the last two years as part of the Ercom Group developing solutions to bring the fight to these criminals.”
The company employs 35 people in its Paris office and claims to have two major customers, one of which is a first-tier global bank.