Fintech Company Ballerine Announces $5 Million Seed Funding to Deliver Open-Source Risk Decisioning Platform
Ballerine, an open-source risk decisioning platform, has raised $5 Million in a seed funding round led by Team8. The company provides an open-source platform that integrates global data sources, along with the necessary tools to automate and enhance decision-making processes for tasks such as onboarding (KYB), underwriting, and transaction monitoring. Ballerine caters to any business handling financial transactions subjected to KYB, KYC, and anti-money laundering regulations, including most financial institutions, FinTechs, e-commerce, marketplaces, and other businesses. Ballerine is experiencing rapid growth and traction, its open-source GitHub repository has attracted over 1500 developers worldwide, with dozens of fintech companies using its code in production.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230523005284/en/
In order of appearance from left to right is: Nitzan Guy (Co-founder and CPO), Noam Izhaki (Co-founder and CEO), Alon Peretz (Co-founder and CTO). (Photo: Business Wire)
The company was founded by an expert team of developers from the digital banking space with extensive experience building in-house risk infrastructure, and a first-hand understanding of the many challenges associated with developing and maintaining risk systems internally. The founding team, Noam Izhaki (CEO), Nitzan Guy (CPO), and Alon Peretz (CTO), launched Ballerine to solve the pain points they encountered using a developer-first, open-source and modular approach.
Traditionally, verifying, underwriting and monitoring businesses is a complex task. It involves extensive data pulling from multiple sources, documentation, and policy updates due to changes in regulations, threats, and best practices. This complexity increases exponentially as companies expand to new geographies or add new products and business lines. Ballerine simplifies this task, enabling developers to fully customize their risk assessment workflow through a marketplace of point solutions. Data sources can be accessed via a single commercial agreement with Ballerine or through commercialization directly with data vendors. These sources include but are not limited to: company registries, sanctions, websites/social, credit agencies, adverse media, PEP databases, UBO registries and Open-Banking.
“The financial industry desperately needs infrastructure to support its ongoing digital transformation, infrastructure that empowers institutions to automatically access and analyze data throughout the customer journey," said Noam Izhaki, the CEO and Co-Founder of Ballerine, “Ballerine offers exactly that - it leverages dispersed data, simplifies privacy management, and empowers companies to continually enhance their risk-decisioning processes while maintaining control and flexibility.”
Ballerine's open-source core gives developers and risk managers control over the infrastructure with a single integration and allows customization to address specific needs around customer experience, risk exposures, audiences, and geographies. Ballerine’s open-source platform is the next-gen infrastructure for risk and identity decisioning as it offers significantly more flexibility for global financial services and large institutions, catering to many more use cases and leaving more room for customers to extend and customize the platform.
“Ballerine has a real opportunity to transform the way any business handling financial transactions manages risk.” said Hadar Siterman Norris, Partner at Team8. “This funding will help Ballerine create the first open-source and developer-centric compliance infrastructure, which is sure to propel Ballerine to even greater heights. We are excited to be part of their journey.”
The funding round was led by Team8 with participation from Y Combinator, Vera Equity and executives from Brex, Trulioo, Venmo, Melio and Coinbase. Ballerine and Team8 will be attending Money 20/20 in Amsterdam, June 6-8, 2023. Noam Izhaki, Ballerine’s CEO and Co-Founder, will be speaking at the conference during a presentation, “Open-Source is Coming: Watch Out Financial Services.” To learn more about Ballerine, visit: www.ballerine.com.
Ballerine is an open-source platform that enables businesses offering financial products and services to verify and underwrite their customers globally or at scale. Their technology provides developers and risk managers with maximum control over compliance infrastructure with a single integration, and can be easily customized to address specific needs around customer experience, risk exposures, audiences, and geographies. Ballerine caters to any business handling financial transactions that are subject to KYB/KYC and money laundering regulations. This includes nearly all financial institutions and fintechs, as well as many eCommerce, marketplaces and SaaS companies. For more information, visit https://www.ballerine.com/
Team8 is a venture group that builds and invests in the most innovative technologies in the fields of fintech, cyber, data, and digital health. We leverage deep domain expertise, cutting-edge technology, and first-hand company-building experience to partner with entrepreneurs in founding globally-successful companies, while also investing in early-stage companies that are active in the Group's fields of interest. Visit www.team8.vc to learn more.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230523005284/en/
888.550.6385 ext. 23
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
The LYCRA Company’s Sustainability Director Joins Panel Discussion at the United Nations Conscious Fashion and Lifestyle Network Annual Meeting31.5.2023 12:00:00 EEST | Press release
The LYCRA Company, a global leader in developing innovative and sustainable fiber and technology solutions for the apparel and personal care industries, announced today that it is a supporting partner of the United Nations Conscious Fashion and Lifestyle Network Annual Meeting on June 1. The company’s sustainability director, Jean Hegedus, will be a panelist at the meeting taking place at the United Nations Headquarters in New York City that will bring together media, industry stakeholders, and United Nations representatives to highlight actions, solutions, and progress from the fashion and lifestyle sectors to advance knowledge and strengthen engagement of the Sustainable Development Goals. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230531005027/en/ The LYCRA Company’s sustainability director, Jean Hegedus, joins a panel discussion at the United Nations Conscious Fashion and Lifestyle Network Annual Meeting, which takes
Brussels Signal: New Media Outlet Promises to Shake Up EU Coverage31.5.2023 11:03:00 EEST | Press release
Digital publisher Remedia Europe is preparing a groundbreaking news outlet, Brussels Signal , that promises to provide fresh and candid coverage of EU affairs and the issues that matter most to the citizens of Europe. Brussels Signal will deliver rigorous reporting and analysis of the European Union. The news outlet aims to shake up the status quo by providing insightful and informed journalism that challenges prevailing ideas and policies, demands genuine accountability from decision-makers, and counters the marginalisation of dissenting voices on the issues facing Europe today. An early version of Brussels Signal opens May 31 with an invitation to join a live event with the new editors. Other features of the news outlet – including video content and newsletters – will roll out in the coming weeks, with events coming this autumn at the Brussels Signal’s purpose-built studio in the heart of the European Quarter of Brussels. The new media brand emerges at a time when the EU faces intern
Norwegian ISP Altibox chooses Alinto's secure email platform to provide messaging services to its clients31.5.2023 11:00:00 EEST | Press release
Norwegian ISP Altibox has decided to outsource its email platform to Alinto, with the aim of modernising its messaging services for 180 000 clients in the Nordics. The services provided are based on the SOGomail server and the Cleanmail security service, hosted by Alinto. This move happens a few months after the takeover of the SOGo open-source project by Alinto. It confirms the editors’ ability to address projects on an international scale and cover the whole email chain with GDPR-compliant solutions. Modernisation of an email platform used by 180 000 clients Until 2022, Altibox had a messaging platform built and operated in-house. As that platform started to require extensive maintenance operations, Altibox had to move to a new solution. "We had two options : discontinue the service and delete all the emails – which was not acceptable from a client standpoint, or outsource our email services as we did not have any internal resources to create a new solution”, Marius Ekeland explains.
MDS Global Launches an AI-powered Marketing Decision Intelligence Platform “MDS DecisionAI” That Enables Telcos to Reduce Churn and Increase Revenues31.5.2023 09:22:00 EEST | Press release
Today, MDS Global, a leading provider of converged B2B/B2C billing and BSS solutions, has launched MDS DecisionAI, a new marketing decision intelligence platform that leverages the power of artificial intelligence to provide the critical insight ambitious MNOs, MVNOs, sub-brands and fixed line operators need to grow and outperform the competition. MDS DecisionAI provides a full suite of telecoms specific AI modules including forecasting, churn, propensity models, and marketing and media mix analysis, that will help brands to optimise their marketing and commercial strategy. It enables them to identify monetisation opportunities and blind spots so they can make interventions sooner. As a result, operators will be able to maximise yield and revenue, for example by predicting churn and identifying a customer’s propensity to consider other products offered in a cross-sell campaign, or through better-informed proposition development. As part of MDS Global’s commitment to driving profitable
Gcore Makes Its Managed Kubernetes Service Available On Bare Metal31.5.2023 09:04:00 EEST | Press release
Gcore — a European provider of high-performance, low-latency, international cloud, and edge solutions — today announces the launch of major updates to its Managed Kubernetes service. Customers using the service can now run containers on bare metal servers in addition to using virtual machines (VMs). Running containers directly on bare metal operating systems improves latency and performance as well as removes interference from neighbouring VMs. The implementation is based on Kubernetes' Cluster API and comes with a high availability and uptime guarantee service level agreement (SLA). Seva Vayner, Director of Edge Cloud stream at Gcore, comments: “Most cloud vendors only support Kubernetes containers in VM-based infrastructure. Yet businesses in majority of industries as banking, healthcare, broadcasting, and gaming, among others, increasingly require an edge to support real-time applications and live-streaming graphics. That's where Gcore comes in. Our new bare metal service unlocks lo
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom