Insider Brief
- Transparently.AI, specializing in AI software for detecting accounting fraud, receives investment from Franklin Templeton and joins its FinTech Incubator program.
- The software provides a risk score to assess the likelihood of account manipulation, targeting asset managers, banks, and auditors for enhanced due diligence.
- Alongside funding, the company gains mentorship and access to Franklin Templeton’s network, aiming to expand its market presence, especially in North America, with a valuation at US$20 million in a US$3 million pre-series A funding round.
PRESS RELEASE — SINGAPORE/ February 20, 2024— (BUSINESS WIRE) — Transparently.AI, a Singapore-based maker of artificial intelligence software that detects accounting fraud, has won an investment from Franklin Templeton as part of its admission to the asset manager’s FinTech Incubator program.
Transparently.AI’s software is trained via machine learning to detect accounting red flags in corporate balance sheets. It produces a 0–100 risk score which measures the likelihood and extent to which a company is manipulating its accounts. Asset managers, banks, auditors, exchanges and others can use the product as a due diligence tool to help filter for suspicious accounting, fraud in the accounts and weak corporate governance.
In addition to the investment from Franklin Templeton, Transparently.AI will receive mentorship and guidance from Franklin Templeton’s network of startup professionals, founders and experts through the FinTech Incubator program. The program also offers access to workspace in Franklin Templeton’s Incubator offices in Singapore and San Mateo, California.
“We are deeply privileged to be working with Franklin Templeton,” said Hamish Macalister, chief executive officer and co-founder of Transparently.AI. “Through our collaboration with a brand like Franklin Templeton, which has a strong presence and history in the U.S, we hope to significantly accelerate our go-to-market strategy, particularly in North America.”
Franklin Templeton’s investment in Transparently.AI is part of a US$3 million pre-series A funding round that values the two-year-old startup at US$20 million.
Margaret King, Vice President of FinTech Partnership & Corporate Strategic Investments at Franklin Templeton, said: “The changing face of fraud risk in an evolving digital landscape means that businesses have to be more vigilant now than ever. With advancements in AI, RegTech solutions have the potential to address gaps in financial crime risk management, and we look forward to seeing Transparently.AI bring advanced technologies to the market meaningfully.”
About Transparently.AI
Founded in 2021, Transparently.AI has developed an AI-based system for the automated detection of accounting manipulation and fraud in companies. The firm was named in the RegTech100 list for 2023, which is an annual list of the world’s most innovative regtech companies. Find out more at transparently.ai.
Contacts
Press:
Transparently.AI
Darren Boey darren@transparently.ai
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