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News
January 25, 2023
•

5 minute read


ANNOUNCING OUR SERIES B: WE’VE RAISED $25M TO HELP COMPANIES BUILD DIGITAL TRUST
WITH RISK INTELLIGENCE

Ronan Burke
Co-founder and CEO, Inscribe
In the post-digital transformation age, convenience is king.

Groceries, transportation, relationships, entertainment, and more are all now
available at the swipe of a smartphone. Buyers have come to not only enjoy — but
expect — frictionless interactions that provide instant gratification. Fast
response times are no longer a perk; they’re the most important attribute of the
customer experience. 

But an increasingly digital, geographically dispersed, and faster world makes it
more difficult than ever to know who you’re doing business with — leaving
companies uncertain about which potential customers are trustworthy. And their
fears are justified: New research shows that the average U.S. fintech loses $51M
to fraud annually, and the impact of fraud has a negative ripple effect across
the entire company.

‍


DIGITAL TRUST IS BROKEN — BUT WE CAN WORK TO FIX IT


In response to this uncertainty, businesses have asked potential customers to
submit more and more information about themselves during the application
process: where they live, how much they earn, proof of business ownership,
credit history, and more. They often also ask for documentation (such as bank
statements, utility bills, W2s, etc.). Hundreds of hours each week are then
spent manually reviewing those documents to determine whether the information
provided by a potential customer is legitimate. All of this creates friction for
consumers, who can easily leave for a competitive offering. 

Assessing the trustworthiness of potential customers has now become … 

 * Manual: Overwhelmed with document reviews and struggle to support a growing
   business without increasing risk.
 * Subjective: Reliant on educated guesses to identify manipulated documents,
   leaving their business open to fraud and credit losses.
 * Painful: Customers are forced wait hours, days, or even weeks to access
   financial products. 

And the stakes are very high: Without a clear understanding of how to identify
trustworthy and creditworthy customers, financial institutions may be defrauded
by cybercriminals or reject worthy applicants (resulting in millions of
unbanked, “thin file,” and credit invisible consumers).


The best risk teams are armed with experience and intuition. When something
isn’t right, they can sense it. But uncertainty has become a plague for them.
While an online approach has given companies access to more data than ever, they
struggle to uncover the insights needed to assess risk and build digital trust. 


But a world powered by digital trust is possible. 


We set out to help solve the uncertainty faced by risk teams everywhere by
building artificial intelligence based on the heuristics used by manual review
teams. So for the first time ever, they can build digital trust by quickly
analyzing billions of data points with a high degree of accuracy and uncovering
insights that were previously invisible to the human eye. 

Technologies that make what’s invisible, visible (like the telescope, the
microscope, the x-ray) have always moved society forward in very powerful and
important ways. 


We got our first glimpse of the potential for this technology when leading
fintech brands like Navan, Ramp, and Bluevine adopted our solution and
immediately shared the ROI from reduced fraud losses. And they wanted to see
more. Can we reliably automate other parts of the manual review process like
analyzing creditworthiness? What other data inputs can we check to ensure
legitimacy? And will we make it easier for consumers to safely submit sensitive
financial information and documents? 


With AI, the answer is yes. And it’s only the beginning.  

‍‍


WELCOME TO THE ERA OF RISK INTELLIGENCE




‍

According to Deloitte, 79% of financial institutions said that enhancing the
quality, availability, and timeliness of risk data was a top priority even prior
to the pandemic. Risk leaders, like cybersecurity professionals, want to enable
their businesses to grow responsibly. They are looking to eliminate uncertainty
about their potential customers. 


So we’re making a bold leap in 2023 to introduce Risk Intelligence, a powerful
new way for risk teams to identify fraudulent/legitimate and risky/creditworthy
customers. Instead of relying on tedious, subjective, and error-prone manual
reviews, teams that use Risk Intelligence software are equipped with AI-powered
fraud and credit insights that eliminate uncertainty and make risk decisions
easier. This allows them to effectively build digital trust and, ultimately,
approve more customers with confidence.


We started empowering teams with Risk Intelligence by building best-in-class
document fraud detection so fintechs and financial institutions could accurately
analyze the legitimacy and credibility of documents supplied by applicants. Then
we saw companies throughout financial services adopting our solution to
determine the trustworthiness of the people they do business with as well.
General Services Corporation (GSC), a leading provider of apartment homes and
apartment management services, purchased Inscribe to build digital trust with
tenants and has been able to effectively mitigate evictions.  

Now, we’ve raised $25M in Series B funding to expand the breadth of our fraud
detection capabilities, as well as introduce state-of-the-art Risk Intelligence
innovations. We’re incredibly excited to hit this important milestone. Our round
was led by Threshold Ventures and joined by Crosslink Capital, Foundry, and
Uncork Capital. They were also joined by Forum Ventures, as well as angel
investors including Box co-founder Dylan Smith, Intercom co-founder Des Traynor,
Irish entrepreneur Mark Cummins, and Figma VP Sales Kyle Parrish, bringing our
total amount raised to $38M.

We believe that knowledge is power. So we’re also embarking on an initiative to
empower the entire financial services industry with Risk Intelligence by
regularly surfacing fraud trends and data. Register for our webinar next week,
“From intuition to intelligence — fraud trends every risk leader must know for
2023,” to learn more.  

All this comes on the heels of seeing a 3x year-over-year increase in ARR and a
4x year-over-year increase in monthly usage in 2022, as well as being listed on
the 2022 AIFintech100 and SaaS award lists. 

We’ve already made major strides in helping companies build trust and provide
fast response times, but there is still so much more to come. Our team is
energized every day at the possibility of creating accurate and innovative
solutions to uncover critical Risk Intelligence that can help companies grow
responsibly. Because when we eliminate uncertainty, companies can approve more
customers with confidence.

Cheers, 

Ronan, Conor, and your friends at Inscribe


READY TO GET STARTED?

See how you can automate manual document reviews, improve fraud detection, and
start approving more customers with confidence.

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