SG regtech firm bags Franklin Templeton investment (Update)

Photo Credit: Shutterstock

In the fast-paced world of finance, where numbers hold the key to success, Singapore-based regtech firm Transparently.AI is using AI to help companies fight against accounting manipulation and fraud.

The company recently secured an undisclosed investment from Franklin Templeton, a global investment firm with roughly US$1.4 trillion in assets under management, as part of its admission to the asset manager’s FinTech Incubator program.

The investment is part of a US$3 million pre-series A funding round that brought Transparently.AI’s valuation to around US$20 million, the company said.

“We are already putting the money to work by investing in sales and marketing, to establish our customer base in Singapore, Hong Kong and Australia,” Transparently.AI CEO Hamish Macalister told Tech in Asia.

The incubator program, meanwhile, will give it access to mentorship and guidance from Franklin Templeton’s network of startup professionals, as well as access to the program’s offices in Singapore and California.

Founded in 2021, Transparently.AI provides an AI-based solution to scan corporate balance sheets for potential manipulation and fraud.

Previously, the company raised US$1 million in seed funding, with Move Asset Management acting as the lead investor for that round.

See Also: Why Singapore’s LLM isn’t sweating GPT-4

Correction (February 2, 10:15 a.m. SGT): The article mistakenly mentioned the FYE July 31, 2023 results of a Transparently.ai entity that did not reflect the group’s day-to-day operations, which has been removed.