Inscribe Detects More Than $40 Million in Document Fraud Per Month; Secures $10.5 Million in Series A Funding
San Francisco- and Dublin-Based Startup Experienced 12x YoY Usage Growth Thanks to Pandemic-Driven Rise of Online Loan Applications.
SAN FRANCISCO–(BUSINESS WIRE)–Inscribe, a company that detects more than $40M in fraudulent documents per month, today announced it has raised $10.5M in Series A funding co-led by Uncork Capital, Foundry Group, and Crosslink Capital, with participation from Y Combinator.
Inscribe, which works with fintech lenders, banks, and payment processors including BlueVine, Credito Real and Amount, along with numerous Fortune 500s, has experienced 12x growth year over year, as it has been used to help identify fraud within high-trust online applications such as lending and account openings.
“2020 kicked off a perfect storm for fraud, with the pandemic-driven shift towards applications and approvals moving from in-person to online only,” said Ronan Burke, co-founder and CEO of Inscribe. “Inscribe is helping financial institutions battle this increase in fraud—and save millions of dollars—by detecting false identities, inflated revenues, and inaccurate company information.”
“At BlueVine, we’ve taken action to provide fast Paycheck Protection Program (PPP) loans to the small businesses that have been hit the hardest,” said Ido Lustig, Chief Risk Officer at BlueVine. “Inscribe has been an instrumental partner in identifying and preventing fraud across all of our products, including the PPP application process, and has allowed us to focus on providing the best support possible for our small business customers.”
To date, the company has raised nearly $14 million. Inscribe’s new financing will be used to fuel product development and go-to-market activities as it aims to become the go-to fraud detection solution for high-trust online use cases. Core to these plans is growing its go-to-market team in the United States and its product and engineering team in Dublin, Ireland.
Delivered via an API and web platform, Inscribe provides fraud detection in three ways:
- Document Forensics. Inscribe examines every detail of a document including its file structure and pixels to uncover evidence of fraud as well as its metadata to uncover traces of suspicious behavior.
- Data Network. Inscribe uses its global network of fraudulent documents and data points to identify patterns in fraudulent activity. These patterns are used to protect companies from prolific fraudsters and organized fraud rings.
- Verification. Inscribe extracts details such as name, address, dates and income and matches them to what financial institutions have on file, enabling them to immediately trust applications. Inscribe also ensures documents meet document type requirements through automated classification and ensures that they were issued within a specified time frame.
Inscribe quickly and accurately detects fraudulent documents using a combination of forensics and machine learning so businesses can trust their customers and grow faster. Inscribe was founded in 2017 and is headquartered in San Francisco with offices in Dublin. For more information about career opportunities and the product visit www.inscribe.ai