5 to 10% of the benefits paid in France by insurance companies are based on fraud and cost tens of billions of euros. The figures are barely lower when it comes to financial fraud, whether it concerns consumer loans, real estate loans or even factoring.
Parisian deeptech Finovox relies on artificial intelligence and complex algorithms to fight against this scourge. “Technology allows fraudsters to have new tools because artificial intelligence increases the possibilities tenfold, from a very young age. There is a real threat for businesses. On the other hand, technology provides new solutions to equip themselves more efficiently with, for example, increasingly higher computing and analysis powers”, explains Marc de Beaucorps, director of Finovox.
A lift to continue growing
Launched in 2019, the startup boasts around forty clients operating in the finance, insurance, but also real estate, recruitment and telecoms sectors. In order to continue its development, the young company has finalized a fundraising of 4 million euros, including 2.8 million thanks to a round table bringing together Blast Club, the Inter Mutuelles Assistance Group (IMA), Vaex Capital and its previous investors. Public technological funding support completes the package.
With this funding, Finovox first intends to improve its product. “Fraud is constantly evolving so we must generate new fraud data, train new artificial intelligence models with new fakes that we give it, that we create or ask from service providers so as not to resort to the databases of our We also organize fraud competitions in different countries. We also want to improve the investigation platform which analyzes documents in real time.
Increase your presence
In addition, with this fundraising, Finovox wishes to strengthen its commercial presence, in particular in growing markets such as banking and insurance but also to open a new division dedicated to public organizations. “Fraud can concern proof of address to rent equipment, pay slips to access social housing, for example, but it also concerns fraudulent loan and grant applications.”
After analyzing 1.2 million documents in 2023, Finovox aims to increase this figure to 5 million in 2024. The startup finally plans to increase its international presence, in the European Union but also in Asia and America. North.
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