Singapore-based Transparently.AI has successfully secured an investment from Franklin Templeton as part of its entry into the asset manager’s esteemed FinTech Incubator program. The company, specializing in artificial intelligence software designed to detect accounting fraud, aims to bolster its market presence and accelerate its growth trajectory, particularly in North America.
Empowering financial vigilance through AI
Transparently.AI’s flagship software leverages machine learning algorithms to identify accounting irregularities within corporate balance sheets. By generating a comprehensive risk score ranging from 0 to 100, the platform provides insights into the likelihood and magnitude of financial manipulation within a company’s accounts.
Targeting a diverse clientele, including asset managers, banks, auditors, and exchanges, Transparently.AI’s solution serves as a potent due diligence tool, facilitating the detection of suspicious accounting practices and bolstering corporate governance frameworks.
In addition to the financial investment, Transparently.AI benefits from mentorship and guidance offered through Franklin Templeton’s extensive network of industry professionals and experts as part of the FinTech Incubator program.
This collaborative initiative provides Transparently.AI access to invaluable resources, including workspace facilities in Singapore and San Mateo, California. Hamish Macalister, CEO and co-founder of Transparently.AI expressed gratitude for the partnership, citing Franklin Templeton’s established reputation and influence in the U.S. financial landscape as pivotal for the company’s expansion endeavors.
Validation and growth prospects
The investment from Franklin Templeton represents a significant milestone for Transparently.AI, marking its entry into a US$3 million pre-series A funding round and valuing the startup at US$20 million. Margaret King, Vice President of FinTech Partnership & Corporate Strategic Investments at Franklin Templeton, highlighted the pressing need for advanced technologies in combating fraud risks amidst evolving digital ecosystems.
She expressed optimism regarding Transparently.AI’s capacity to bridge existing financial crime risk management gaps through innovative AI-driven solutions.
About Transparently.AI
Established in 2021, Transparently.AI has emerged as a pioneering force in AI-powered accounting fraud detection. Recognized for its cutting-edge technology, the company earned a coveted spot on the prestigious RegTech100 list for 2023, underscoring its commitment to innovation and excellence in regulatory technology solutions.
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