After launching the first AI-powered fully managed customer onboarding service for businesses that includes up to $100 Million in annual fraud loss protection and guarantees to double the acceptance rate of good customers signing-up, Instnt Inc. announced raising an additional $4M in seed financing led by ValueStream Ventures today. Instnt Inc. had previously raised $3M in pre-seed financing earlier last year from Third Prime ventures, Revel ventures, Charge ventures, and Fantail ventures who have all participated in this new round of financing, bringing the total raised by the company to $7 Million so far.
The start-up founded by serial entrepreneur and fintech influencer, Sunil Madhu, provides businesses with the assurances required for bank-grade security, privacy, fraud prevention, governance, and compliance in their customer onboarding processes. Uniquely, businesses that employ Instnt's patent-pending platform still retain full control and ownership of their customer onboarding journeys and user experience, without the downside of manually managing complex technology waterfall orchestration rules across dozens of vendors and point solution providers. Thanks to Instnt, businesses can free up their capital reserves and shift fraud loss liability off their balance sheets for a range of fraud that impacts their businesses when customers sign-up for products and services online.
"Businesses aren't experts at technology and vendor orchestration for effective risk and compliance management, so they routinely reject over 40% of good customers trying to sign-up. We are willing to put our money where our mouth is to indemnify your business against fraud losses while managing your customer onboarding needs in a fully compliant manner, with a guarantee to double the number of good customers that make it through your onboarding journey. All a business has to do to gain these benefits is to contact us and get a line of code to copy and paste on their sign-up pages.” explained CEO Sunil Madhu.
"We’re excited to partner with the Instnt team as they bring real change to a highly fragmented industry. Today, companies face exorbitant costs, signup friction, and customer loss while trying to manage fraud prevention across a complex web of point solutions. Instnt's innovative business model and full-stack technology solution promise to shift the burden of fraud loss and compliance risk management away from businesses, letting them focus instead on their product and service core-competencies. Instnt makes a great addition to our portfolio of companies leveraging their data assets to reimagine how business is done." said Karl Antle, Partner at ValueStream Ventures.
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