AirTree, Binance back Australian fraud detection firm’s $15.4m raise

FrankieOne, an Australia-based regtech firm, has raised A$23 million (around US$15.4 million) in a series A+ funding round led by AirTree Ventures and Greycroft, with participation from Binance Labs and Kraken Ventures.

The deal pushed the startup’s total funds raised to date to US$30 million.

FrankieOne founders Simon Costello (left) and Aaron Chipper / Photo credit: FrankieOne

Founded in 2019, FrankieOne is an identity and fraud detection platform that helps companies onboard customers faster and better protect their existing users. It connects clients with various vendors through a single API.

In a statement, the company said that its revenue surged 48x over the last two years. It counts prominent companies such as Shopify, Afterpay, Westpac, and PointsBet as its customers.

The regtech firm’s number of employees has also doubled compared to last year.

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FrankieOne was established by serial entrepreneur Simon Costello and former Fusion Payments CTO Aaron Chipper. The firm started as a bank before both founders realized that there were no identity and fraud detection vendors that could meet their needs.

The company plans to use the fresh funding to fuel its growth across Asia Pacific and North America.

Other investors in the funding round include:

• Reinventure, Westpac’s VC arm
• Tidal Ventures
• Apex Capital Partners

Currency converted from Australia dollar to US dollar: US$1 = AU$1.50.