After raising €3 million in 2017, DreamQuark announces a €14 million funding round led by Alma Mundi Ventures, AG2R La Mondiale and Cap Horn Invest. The French startup aims to use Artificial Intelligence to combat fraud and money laundering.
An Artificial Intelligence platform dedicated to banks and insurers
Founded in 2014 by Nicolas Meric, DreamQuark has developed a platform called " Brain " to facilitate the development of applications around credit granting, customer segmentation, anti-money laundering, fraud or customer retention. The start-up has developed rules that enable employees with no particular skills in data processing and algorithms to solve business problems. For example, the tools provided by the fintech enable customers to be alerted in the event of fraud. For each alert received, they receive an explanation and can request additional supporting documents in order to continue their investigations.
DreamQuark currently has a dozen customers in Europe, including BNP Paribas, Gan, AG2R La Mondiale, Royal Bank of Scotland and Natwest. It is also active in Switzerland, Luxembourg and Singapore.
Winning over twenty key account customers
In December 2019, DreamQuark finalized a second financing round of 14 million euros. This is the first time that social protection group AG2R La Mondiale has invested in a fintech via its ALM Innovation fund, created in 2018. Spanish fund Alma Mundi Ventures, France's NewAlpha Asset Management, Dutch fund Keen Venture Partners and its long-standing shareholder Cap Horn Invest also participated in the deal.
Thanks to the funds raised, the startup intends to accelerate its commercial development. The aim is to rapidly reach a score of key account customers. DreamQuark is also looking to expand into other countries, including Spain, Belgium, Germany, the Netherlands and Canada. Lastly, this new financing will enable the Fintech, which currently employs around thirty people, to recruit new staff.
Numerous projects in progress
Among its current projects, DreamQuark plans to launch a new product recommendation functionality for wealth managers, banks and insurers. Enhancements to existing functionalities are also envisaged to strengthen user confidence in AI algorithms.
After being voted "Fintech of the Year 2017" by Pôle Finance Innovation, and winning the "10,000 startups to change the world" competition, in the Cloud-IA-Data category, the startup looks set to become "a European leader and a profitable player". Today, DreamQuark is positioned as a key partner in the digital transformation of the financial sector.