Inscribe Raises $25M to Expand Fraud Detection Capabilities

Inscribe has raised $25 million to expand its fraud detection capabilities and introduce risk intelligence tools.

The new Series B capital brings the firm’s total amount raised to $38 million, Inscribe said in a Wednesday (Jan. 25) blog post.

“Our mission at Inscribe is to create a fair and efficient financial services ecosystem,” Inscribe Co-Founder and CEO Ronan Burke said in a press release. “We’ve started by building best-in-class document fraud detection so companies can uncover the risk intelligence they need to build digital trust with customers. And this is only the beginning.”

PYMNTS research has found that payments fraud was the No. 1 concern of business-to-business (B2B) business.

This concern is well-founded as 98% of B2B firms have been affected by fraud, according to the November 2022 edition of the “B2B Payments Fraud Tracker®,” a PYMNTS and nsKnox collaboration.

The report also found that 54% of B2B businesses had turned down and not onboarded a new client at least once a year due to concerns about potential fraud and that 71% of organizations plan to implement new automated digital solutions for fraud prevention when managing business payments.

“Everybody talks about faster, real-time immediate payments,” nsKnox Chief Operating Officer Nithai Barzam told PYMNTS in an interview posted in December. “This is great to be able to pay quickly, and definitely great to receive money quickly, but it also opens the door for what’s known as ‘faster fraud’ and closes the window on the time to confirm compliance with anti-money laundering regulations and anti-terror financing regulations.”

Inscribe develops artificial intelligence (AI) solutions that analyze billions of data points to help companies reduce fraud losses, build digital trust and approve more customers with confidence, according to the blog post.

With solutions like document fraud detection, Inscribe helps organizations improve the speed and accuracy of their know your customer (KYC), know your business (KYB) and underwriting processes while also giving their B2C and B2B buyers the frictionless interactions they now expect, the post said.

This year, the firm is launching risk intelligence tools to help organizations identify and determine the trustworthiness of people they do business with, per the post.

“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,” Burke said in the post. “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.”