Baselayer, which uses AI to mitigate fraud and improve onboarding, has raised $6.5 million in its seed round.
The fintech said in a press release that the investors included Torch Capital, Afore Capital, Founder Collective, Picus Capital and Gilgamesh Ventures. Individual investors included Eric Woodward, former president of Early Warnings Services, and executives from Stripe, Brex, Valley Bank and Airbase.
“For a new or small business, waiting days or weeks to have access to a bank account can be devastating,” Jonathan Awad, Baselayer’s co-founder and CEO, said in the release.
“As fraud has gotten more sophisticated, it’s become even more difficult for banks to verify small or new companies,” Awad added. “Baselayer can now identify, assess and predict the risk of all potential business customers in real-time, eliminating the friction that has previously existed in the KYB process.”
Baselayer plans to use proceeds to scale its platform and refine and build out new features in its GenAI model.