Flagright, an AI platform focused on financial crime compliance, has closed a $12.5 million Series A round led by Infinity Ventures, with Sella Bank, Frontline Ventures, and Y Combinator also investing.
Based in London, the startup works with over 100 banks and fintechs in 35 countries. Flagright says its clients see up to 93% fewer false positives after switching to its platform.
This funding comes at a time when financial institutions are under pressure from two sides: more transactions and criminals using AI to make their attacks bigger and more advanced.
Before co-founding Flagright, Baran Ozkan was a frustrated customer himself. As director of product for financial crime at a European financial institution regulated in both the UK and EU, he spent 15 months searching for the kind of platform he now offers. He found vendors often overpromised, and even his employer’s attempt to build a solution in-house failed.
“The competency of a financial institution is not building financial crime technology. It’s such a complex, T-shaped domain. That’s why I decided to start the company myself,” Ozkan tells Tech Funding News.
