Refine Intelligence, a FinTech company specialising in Financial Crime Greenflagging, announced its launch, marking a significant advancement in anti-money laundering (AML) practices.
In brief:
- This launch was supported by a robust $13m seed funding, led by Glilot Capital Partners and Fin Capital
- Refine Intelligence stands out in the AML industry with its unique focus on “greenflagging” – a novel concept aimed at validating legitimate customer behaviour
- The company plans to utilise this new funding to enhance its technological capabilities and expand its reach across North America, Europe, and Latin America
- Refine Intelligence’s first major success story is with Valley Bank, which experienced significant improvements in its AML inquiry process after implementing Refine’s solutions. This led to Valley Ventures, the corporate venture capital arm of Valley Bank, deciding to invest in Refine Intelligence
What does this mean?
Valley Bank’s Director of AML Chris Phillips commented, “After implementing Refine Intelligence’s solution, our AML inquiry process was cut from 16 days to two minutes. This has freed up our team to spend less time on investigations and more time serving our customers. Using Refine Intelligence has enhanced our efficiency by streamlining the process of investigating and resolving AML alerts, and improving our customers’ satisfaction
