Transparently.AI, a Singapore-based AI agency specialising in detecting accounting fraud, introduced that international asset administration agency Franklin Templeton had joined its US$3 million pre-Sequence A funding spherical.

This monetary backing is a part of Transparently.AI’s inclusion in Franklin Templeton’s Fintech Incubator programme. The corporate’s valuation now stands at US$20 million.

The agency’s AI-driven software program affords a complicated device for detecting monetary discrepancies and potential fraud in company stability sheets by assigning a danger rating starting from 0 to 100.

This rating aids numerous monetary entities, together with asset managers, banks, and auditors, in figuring out and mitigating dangers associated to monetary misconduct and governance points.

As a part of the incubator programme, Transparently.AI will profit from mentorship, knowledgeable steerage, and entry to workspace amenities in each Singapore and San Mateo, California.

This collaboration goals to bolster Transparently.AI’s market presence, significantly in North America, leveraging Franklin Templeton’s established fame and community.

Transparently.AI has already secured partnerships with distinguished international establishments, together with a significant sovereign wealth fund and a number one industrial financial institution.

Beforehand, Transparently.AI was among the many 10 firms chosen from over 1,000 startups to hitch Plug and Play’s Fintech 2023 Accelerator Programme in March 2023.

Hamish Macalister

“We’re deeply privileged to be working with Franklin Templeton.

 

By our collaboration with a model like Franklin Templeton, which has a robust presence and historical past within the U.S, we hope to considerably speed up our go-to-market technique, significantly in North America,”

mentioned Hamish Macalister, Chief Govt Officer and Co-founder of Transparently.AI.

Margaret King

“The altering face of fraud danger in an evolving digital panorama signifies that companies need to be extra vigilant now than ever.

 

With developments in AI, Regtech options have the potential to handle gaps in monetary crime danger administration, and we sit up for seeing Transparently.AI convey superior applied sciences to the market meaningfully,”

mentioned Margaret King, Vice President of FinTech Partnership & Company Strategic Investments at Franklin Templeton.

Featured picture credit score: Edited from Freepik