Highlights:

  • The business offers financial organizations a global infrastructure that delivers customer insights for better client lifecycle management decisions.
  • Monnai’s platform integrates various data sources from around the globe to assist its clients in navigating regulatory environments and battling fraud.

Monnai, a company that offers a consumer insights platform to financial organizations, has announced a series A funding round of USD 6.5 million. The company plans to increase its AI-driven decisioning capabilities with the money.

Tiger Global was the round’s lead investor, with participation from previous investors in Better Tomorrow Ventures, 500 Global, and Emphasis Ventures (EMVC). With this latest investment, Monnai has now raised almost USD 10 million.

The business offers financial organizations a global infrastructure that delivers customer insights for better client lifecycle management decisions.

Monnai CEO and co-founder Pierre Demarche said, “The challenge is to get access to the insights that will inform decisions across silos and use cases and in as many useful ways as possible.”

Diverse Sources of Global Data

Monnai’s platform integrates various data sources from around the globe to assist its clients in navigating regulatory environments and battling fraud. Through a single API, its adaptive infrastructure provides access to four decision-making modules: customer view, trust and fraud risk, AI-driven decisioning for credit risk, and collections optimization.

With the help of its technologies, data sets can be dynamically aggregated, normalized, and contextualized with little or no coding required. As a result, alternative data is ingested, modeled, and implemented more quickly because silos and borders are broken down.

Monnai has enhanced its AI and customer experience capabilities over the last six months. The business unveiled its first AI-driven decisioning engine, which employs supervised models and rules to identify synthetic identities, including phony digital identities used by fraudsters. This aids its customers in identifying instances of fraud that have historically been difficult to detect, like promotion abuse and new account fraud.

Additionally, Monnai has been working on new explainable AI (XAI) features that will give transactions more individualized and granular reason codes. The company has added sophisticated modeling methods, such as unsupervised ML, to improve the platform’s performance further.

Tooling for fraud risk and credit risk analysts includes a graph-based user dashboard to simplify manual investigation. With the help of this user interface, users can quickly identify risk factors in a single view.

According to co-founder and chief product officer Ravish Patel, Monnai intends to use the additional funding to strengthen its business capabilities in emerging markets and develop its unique analytics and data ingestion capabilities.