Transparently.AI secures Franklin Templeton investment and admission to Fintech Incubator program
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.
Hamish Macalister, CEO and Co-founder, Transparently.AI: ''We are deeply privileged to be working with Franklin Templeton. 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 $3 million pre-series A funding round that values the two-year-old startup at $20 million.
Margaret King, VP of Fintech Partnership and Corporate Strategic Investments, Franklin Templeton: ''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.''
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