Amsterdam-based fintech player Fourthline has raised €50 million in a new funding round that will see the company ramp up operations, ultimately seeking to become “the undisputed tech platform of choice to alleviate the compliance burden for European regulated institutions.”
The company chose not to disclose investors involved, only noting that existing investor Radboud Vlaar, Managing Partner of Finch Capital who led Fourthline’s previous round, was upping his stake alongside “other” new investors.
“The huge leaps forward in technology over the last decade have been a double-edged sword: while consumers benefit from easier and quicker access to banking products, the nefarious actors have leveraged technologies such as deepfakes and social engineering such as money mules to increase the sophistication of their fraudulence,” commented Fourthline co-founder and CEO Krik Gunning. “At present, approximately €1.8 trillion are laundered every year.”
Fourthline operates in much the same area as Hawk AI, Strise, and numerous others, and counts fintechs N26, Trade Republic, Qonto, and Scalable Capital and financial institutions such as NN, Solaris, and Western Union amongst its client base.