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About Unit21
Industries
Fintech
AI & Machine Learning
Financial Services
Company Size
51-200
Company Stage
Series C
Total Funding
$89.5M
Headquarters
San Francisco, California
Founded
2018
Overview
Unit21 provides transaction monitoring and case management services aimed at risk analysis for financial institutions, including fintech companies, banks, payment service providers, and cryptocurrency platforms. The platform utilizes a no-code approach, enabling teams to configure and test scenarios before deployment, which helps reduce false positives and enhances fraud detection. It allows for real-time risk assessment and the ability to block risky transactions, preventing fraud losses proactively. Additionally, Unit21 offers case management features that streamline case handling, automate processes, and prioritize alerts based on risk, making it adaptable to changing risk scenarios and regulatory requirements. The company generates revenue by charging clients for its platform and services, which include automated filing of Suspicious Activity Reports (SARs) to improve investigation efficiency and increase reconciled cases.
Simplify's Take
What believers are saying
- Unit21's Generative AI enhances ACH fraud detection capabilities.
- The new scams solution addresses rising fraud challenges for financial institutions.
- Automated check investigation improves efficiency in fraud prevention.
What critics are saying
- Increased competition from RegTech firms like IDVerse may impact market share.
- Rapid growth in same-day ACH volume challenges Unit21's solution updates.
- Fraudsters sharing tactics online could lead to more sophisticated fraud attempts.
What makes Unit21 unique
- Unit21 offers a no-code platform for risk and compliance teams.
- The platform provides real-time risk assessment and fraud prevention.
- Unit21 leverages diverse data sources for comprehensive customer behavior analysis.
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Funding
Total Funding
$89.5M
Below
Industry Average
Funded Over
3 Rounds
Tiger GlobalIndustry standards
Growth & Insights and Company News
6 month growth
↑ 0%1 year growth
↑ 1%2 year growth
↓ -3%Unit21 launched its new scams solution that helps financial institutions and fintechs detect and stop scams before they cause financial harm.
Fraud is becoming a costly and pervasive challenge for credit unions (CUs), eating into revenues. From check scams to cyber breaches, these attacks represent a growing issue, at times amplified by fraudsters sharing tactics online. The financial and reputational fallout is severe, with some CUs facing member dissatisfaction and widespread losses. Now, many institutions are prioritizing investment in advanced fraud-fighting technologies and looking to external partnerships to bolster defenses. With fraudsters continually adapting their tactics, CUs face an urgent need to enhance security and reinforce trust to protect their communities and futures.Fraud Increasingly Affects CUs’ Revenues and Member Bases. CUs face surging fraud, including check scams and data breaches, costing millions
Unit21, an expert in risk and compliance has introduced a new set of features for Automated Clearing House (ACH) transactions using Generative AI.More about the AI solutions provided by Unit21. These functionalities use Generative AI (GenAI) and machine learning (ML) to help financial institutions like banks, credit unions, payments companies, and fintechs in proactively identifying and preventing high-risk transactions. As per the National Automated Clearing House (ACH) (Nacha), there was a 47% year-over-year growth in same-day ACH volume between the first quarters of 2023 and 2024. This increase is attributed to the rising popularity of real-time payments among both consumers and businesses. Officials from Unit21, accentuated the ongoing challenge of ACH fraud in the US financial ecosystem is due to the increasing popularity of real-time payments among consumers. To address this threat, their new ACH fraud solution leverages GenAI and machine learning to provide fraud practitioners with real-time risk monitoring and investigation capabilities
Unit21 unveils new anti-fraud bundle for ACH transactions.
Unit21 has released a comprehensive guide for building elite Anti-Money Laundering (AML) teams in 2024, offering financial institutions strategies to combat sophisticated financial crimes.
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About Unit21
Industries
Fintech
AI & Machine Learning
Financial Services
Company Size
51-200
Company Stage
Series C
Total Funding
$89.5M
Headquarters
San Francisco, California
Founded
2018
There are no jobs for Unit21 right now.
Find jobs on Simplify and start your career today