Finovox, a French company specialising in the detection of false documents, has announced that it has raised €4 million to accelerate its expansion in France and Europe. This new round of financing brings together Blast Club, the IMA Group (Inter Mutuelles Assistance), Vaex Capital and its previous investors. It is complemented by public technology funding.
1.2 million documents analysed in 2023 thanks to Finovox
Since 2022, Finovox has been working with companies to combat the document fraud. Thanks to its innovative tool, based on artificial intelligence, it enables the authenticity of 100% digital documents to be verified almost instantaneously (invoices, identity documents, supporting documents, payslips, etc.) and identify potential forgeries.
By 2023, the start-up has already won over 40 companies, including Bouygues Telecom, Orange Bank, Groupe Inter Mutuelles Assistance (IMA), Spvie, PWC, iCover, Allianz Direct and BPI France. All in all, in just one year, over 1.2 million documents were analysed.
Maintain R&D at the cutting edge of world technology to become the benchmark in document fraud
At a time when fraud is constantly evolving and new methods are emerging, anti-fraud teams are faced with a huge flow of documents to analyse. As a member of research groups, Finovox is constantly innovating to offer its customers an ever smoother and faster service. Thanks to this new round of financing, the company intends to step up the development of its product by strengthening its data extraction capabilities, which are based in particular on artificial intelligence. Its solution must be applicable to 100% documents, i.e. in all languages and alphabets, which represents a major technological challenge in the medium term.
It also plans to begin expanding into neighbouring countries (Italy, Spain and the UK), as well as strategic markets such as Quebec, the United States and Singapore.
To meet its growth objectives, Finovox wants to increase its commercial presence in France and abroad. It therefore plans to strengthen its current 20-strong team by recruiting 12 new talents (account executive, marketing, tech, etc.).
Its ambition is to double its number of new customers and analyse more than 5 million documents by the end of 2024.
"This round of financing marks a crucial step for Finovox. It will enable us to strengthen our position in France and prepare for our expansion in Europe and internationally. We would like to thank our historic investors, whose support demonstrates their commitment to our solution, as well as those who are now joining the Finovox adventure. Together, we are determined to pursue our mission of combating document fraud", states Marc de Beaucorps, CEO of Finovox.
"Finovox is a must-have for all insurance companies, banks and government departments faced with fraud. The return on investment for the customer is fully proven, offering a significant financial gain, which is the best selling point. It's an undeniable advantage in a booming sector. The solution itself is very powerful: the result of 4 years of R&D, it is managed by in-house researchers and its algorithm is trained on hundreds of thousands of documents. The team, the desire to expand internationally, a real go-to-market and an ambition to become a giant in anti-fraud", explains Anthony Bourbon, founder of Blast Club.
"The IMA Group is very proud to be a partner in this fundraising. This investment is fully in line with our strategy of investing in forward-looking companies to improve our operational performance in our business of providing assistance and support to people in difficulty. Thanks to its functionalities and automated systems, 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 optimising the control processes specific to our operations".says Christophe Cases, member of the IMA Group Management Board and Chairman of IMA Participations.
Executive Vice-President of IMA Group
"I'm delighted to be taking part in this fund-raising. Today, financial fraud, whether digital or physical, represents a major challenge for businesses and institutions, and it is only increasing. The solution proposed by Finovox stands out for its excellence and its ability to respond precisely and effectively to fraud problems. The international dimension is also very interesting, since the challenges of fraud extend far beyond the borders of France, and this universality ensures vast market potential".says Vincent Taupin, Partner Vaex Capital and former CEO of Boursorama and Edmond de Rothschild.
"I'm delighted to be taking part in Finovox's second round of financing. Right from the start, I was attracted by the company's project, and I had no hesitation in reinvesting in this new round of financing. The fight against fraud is a major issue for businesses, and the start-up has a great deal of clout and has seen strong growth since it began marketing its solution. Its ambition and the real potential of its team are key factors in its success.explains 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, start-up Finovox has developed a simple, secure software solution capable of detecting forged documents. The start-up's customers include Bouygues Telecom, Orange Bank, Groupe Inter Mutuelles Assistance (IMA), Spvie, PWC, iCover, Allianz Direct and BpiFrance.
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