Quantexa specialises in tackling financial fraud and other forms of online crime by providing AI-based tools and other solutions to major banks, financial service providers, and governments. This newest funding round follows a Series D from July 2021 that yielded USD 153 million at a valuation of USD 800 to USD 900 million.

At the time, the company revealed its plans to create AI-based big data tools to track risk and run investigations. The Series E round was led by Singapore-based wealth fund GIC with participation from previous investors such as Warburg Pincus, Dawn Capital, British Patient Capital, Evolution Equity Partners, HSBC, BNY Mellon, ABN AMRO, and AlbionVC. According to Quantexa representatives cited by TechCrunch, the round was oversubscribed, and one of the reasons for its success related to the company’s core products and the customers that use them.

Quantexa’s risk and compliance solutions are used by hundreds of customers in around 70 countries, including organisations such as BNY Mellon, HSBC, Standard Chartered, Danske Bank, Vodafone, and the Public Sector Fraud Authority within the UK’s Cabinet Office. Using AI to fight fraud Quantexa relies heavily on AI technologies to solve issues related to fraud, identity management and compliance. As bad actors have improved their techniques and increased the number of attacks over the years, human-based intervention is being replaced by machine learning, natural language, computer vision and other AI technologies that can keep up with new and evolving threats.

The company plans to use the funds from the Series E round to invest in the creation of new technologies and to support new acquisitions. For instance, Quantexa has recently acquired an Irish startup named Aylien, which specialises in natural language processing (NLP), advanced AI, and working with unstructured data. Other developments from Quantexa In February 2022, D4t4 expanded its partnership with Quantexa with a new joint endeavour that links Quantexa's Contextual Decision Intelligence (CDI) Platform with real-time biometric profiling via the Celebrus Fraud Data Platform (FDP).

This combination was designed to distinguish between legitimate and fraudulent digital behaviours to allow financial institutions to put a stop to mule fraud and remote account takeover fraud. The joint capability leverages Celebrus FDP's latest features, including Sense and Trace, which allows organisations to closely follow the activity of the mule accounts, find other associated identities compromised by fraudsters, and set alerts when a known mule account is used again. .