Refine Intelligence Company Profile

Background

Refine Intelligence, established in 2022, specializes in developing anti-money laundering (AML) software tailored for the banking sector. The company's mission is to combat financial crime by understanding the life events that lead to changes in users' financial activities. By mapping the life stories behind financial transactions, Refine Intelligence creates a baseline of legitimate behavior, enabling artificial intelligence (AI) to benchmark alerts and reduce false positives. This approach enhances risk management accuracy and expedites the investigation process, thereby improving the overall customer experience and restoring trust in financial transactions.

Key Strategic Focus

Refine Intelligence's strategic focus centers on providing innovative solutions that enable banks to engage customers as partners in fighting financial crime. The company's core objectives include:

Intelligent Customer Outreach: Developing platforms that facilitate secure digital interactions between banks and customers to resolve alerts swiftly and effectively.

Life Story Analytics: Utilizing AI to identify the genuine life stories behind anomalous activities, allowing for rapid clearance of false alarms.

By addressing the challenges of false positives in AML alerts, Refine Intelligence aims to streamline operations for fraud, financial crime, and compliance teams, delivering immediate returns on investment.

Financials and Funding

In November 2023, Refine Intelligence secured a $13 million seed funding round led by Glilot Capital Partners and Fin Capital, with participation from SYN Ventures, Valley Ventures, and other investors, including Ground Up Ventures. The capital is intended to fuel the company's international expansion and further develop its innovative solutions.

Pipeline Development

Refine Intelligence offers several key solutions:

Check Fraud Prevention: A solution recognized as "Best-in-Class" by Chartis Research, designed to resolve in-clearing and on-us check alerts with high-velocity requests for information (RFIs).

Anti-Money Laundering (AML): A platform that automates the identification of legitimate customer activities behind transaction monitoring alerts, reducing false positives and enhancing compliance efficiency.

Enhanced Due Diligence (EDD) Automation: Streamlining data collection and ensuring compliance through automated processes.

These solutions are deployed by leading banks worldwide, consistently delivering immediate returns on investment.

Technological Platform and Innovation

Refine Intelligence's technological platform is distinguished by:

Proprietary AI Algorithms: Utilizing AI to map life stories behind financial transactions, creating a baseline of legitimate behavior to benchmark alerts and reduce false positives.

Digital Customer Outreach: Facilitating secure digital interactions between banks and customers to resolve alerts swiftly and effectively.

Life Story Analytics: Automatically identifying the genuine life stories behind anomalous activities, allowing for rapid clearance of false alarms.

These innovations enable banks to engage customers as partners in fighting financial crime, enhancing efficiency and customer satisfaction.

Leadership Team

Refine Intelligence is led by a team of seasoned professionals:

Uri Rivner, Co-Founder & Chief Executive Officer

Oren Kedem, Co-Founder, Chief Operating Officer & Vice President

Alon Shacham, Co-Founder & Chief Technology Officer

Zach Dahlgren, Co-Founder & Head of Analytics

Rio Minor, Head of Intelligence

This leadership team brings extensive experience in fraud prevention, AML, and compliance, driving the company's innovative approach to financial crime prevention.

Competitor Profile

Market Insights and Dynamics

The financial crime prevention and compliance market is experiencing significant growth due to increasing regulatory pressures and the rising sophistication of financial crimes. Organizations are seeking advanced solutions that leverage AI and machine learning to enhance detection capabilities and reduce false positives.

Competitor Analysis

Key competitors in the financial crime prevention sector include:

Netcetera: Specializes in software solutions and digitization across various industries, including banking and insurance.

SEON: Provides an online fraud prevention platform designed to detect and stop fraud in real-time.

Abrigo: Offers compliance, credit risk, and lending software solutions for the financial sector.

Soy Sentinel: Provides financial crime prevention software.

These companies offer various solutions aimed at combating financial crime, each with its unique focus and technological approach.

Strategic Collaborations and Partnerships

Refine Intelligence has established significant partnerships to strengthen its market position and innovation capacity. Notably, Valley Bank implemented Refine Intelligence's solution, resulting in a reduction of their AML inquiry process from 16 days to two minutes. This success led Valley Ventures, the bank's venture capital arm, to invest in the company.

Operational Insights

Refine Intelligence's strategic considerations include:

Customer-Centric Approach: Engaging customers as partners in fighting financial crime to enhance trust and satisfaction.

Technological Differentiation: Leveraging proprietary AI algorithms and digital outreach platforms to reduce false positives and improve compliance efficiency.