Finovox, a French company specialized in the detection of false documents, announces a fundraising of 4 million euros to accelerate its expansion in France and Europe. This new round of funding brings together Blast Club, the IMA Group (Inter Mutuelles Assistance), Vaex Capital and its previous investors. It is complemented by technological public financing support.
Since 2022, Finovox has been supporting companies in the fight against document fraud. Thanks to its innovative tool, based on artificial intelligence, It allows the authenticity of 100% of digital documents to be verified almost instantaneously (invoices, identity documents, supporting documents, pay slips...) and to identify potential falsifications.
In 2023, the start-up has already attracted 40 companies, including Bouygues Telecom, Orange Bank, the Inter Mutuelles Assistance Group (IMA), Spvie, PWC, iCover, iCover, Allianz Direct and even BPI France. In total, in one year, over 1.2 million documents were analyzed.
As fraud is constantly evolving and new methods are emerging, entities' anti-fraud teams must deal with a significant flow of documents to analyze. As a member of research groups, Finovox is constantly innovating to offer its customers an ever smoother and faster journey. Thanks to this new round of funding, it intends to accentuate the development of its product by strengthening its data extraction capabilities, which rely in particular on artificial intelligence. Its solution must be applicable to 100% of documents, i.e. in all languages and alphabets, which represents a major technological challenge in the medium term.
It also intends to begin its expansion in several neighboring countries (Italy, Spain, United Kingdom) as well as in strategic markets such as Quebec, the United States and Singapore.
To meet its growth objectives, Finovox wishes to increase its commercial presence in France and abroad. It thus plans to strengthen its current team of 20 people by recruiting 12 new talents (account executive, marketing, tech...).
It thus aims to double its number of new customers and to analyze more than 5 million documents by the end of 2024.
“This fund raising marks a crucial step for Finovox. It will allow us to strengthen our position in France and to prepare for our expansion in Europe and internationally. We thank our historical investors whose support shows their commitment to our solution, as well as those who are now joining the Finovox adventure. Together, we are determined to continue our mission to fight document fraud,” says Marc de Beaucorps, CEO of Finovox.
“Finovox is a must have for all insurers, banks and government services that are confronted with fraud. The return on investment for the customer is fully proven, thus offering a significant financial gain, which is the best selling point. This is an undeniable advantage in a booming sector. As for the solution, it is very powerful: the result of 4 years of R&D, it is managed by internal researchers and its algorithm is trained on hundreds of thousands of documents. The team, the desire to develop internationally, a real go-to-market and an ambition to become an anti-fraud giant”, explains Anthony Bourbon, founder of Blast Club.
“The IMA Group is very proud to be a partner in this fundraiser. This acquisition of a stake is fully in line with our strategy of investing in companies of the future in the service of our operational performance in the exercise of our jobs of assistance and support for people in difficult situations. Through its functionalities and automation, the technological solution proposed by Finovox, which the Group has already tested as a user, provides an effective response in the fight against fraud by securing and optimizing the control processes specific to our operations.”, affirms Christophe Cases, member of the executive board of the IMA Group and president of IMA Participations.
Deputy Director of IMA Group
“I am thrilled to be a part of this fundraiser. Today, financial fraud, whether digital or physical, represents a major challenge for businesses and institutions and is only getting worse. The solution proposed by Finovox is distinguished by its excellence and its ability to respond accurately and effectively to fraud problems. The international dimension is also very interesting since the challenges of fraud go far beyond France's borders and this universality ensures vast market potential.”, declares Vincent Taupin, Partner Vaex Capital and former CEO of Boursorama and Edmond de Rothschild.
“I am delighted to be part of Finovox's second fundraiser. From the start of the company, I was seduced by the project, and I did not hesitate to re-invest during this new round of funding. The fight against fraud is a major challenge for companies and the start-up has significant power of action and has shown good growth since the beginning of the marketing of its solution. His ambition and the real potential of the team are key factors in his success.”, explain Renaud Guillerm, CEO of Side Angels.
About Finovox
Founded in 2019 by Marc de Beaucorps, Théophile du Portal and Pierre-Alexis Gouzien, three experts in anti-fraud development, the start-up Finovox has developed a simple and secure software solution, capable of detecting false documents. Among its customers, the start-up includes Bouygues Telecom, Orange Bank, Groupe Inter Mutuelles Assistance (IMA), Spvie, PWC, iCover, Allianz Direct and even BpiFrance.
For more information:
.jpg)
