Fourthline raises $54M for AI-based identify verification in finance sector

Amsterdam-based startup Fourthline secures €50M ($54M) all-equity funding led by Finch Capital to further develop and expand its AI-based identity verification solutions. Its technology conducts about 200 checks covering ID inspection, biometric data analysis, sanction lists verification, and more. Fourthline's AI-based solutions focus on helping the finance sector comply with anti-money laundering and combat fraudulent activities such as data theft, impersonation, and illicit fund transfers. Since its 2018 launch, Fourthline has made significant growth, more than doubling its customer-base annually, which includes N26, Qonto, Trade Republic, FlatexDEGIRO, Scalable Capital, NN, and Western Union. It currently enables ID verifications of "millions" of customers every year.