Sis ID raises 5 million euros to deploy its collaborative anti-fraud platform in Europe

Sis ID, a French fintech, announces on January 20 a Series A fundraising of 5 million euros led by Bpifrance’s Digital Venture fund, Opera Tech Ventures (BNP Paribas venture capital fund) and Aonia Ventures.

This funding cycle is part of a context of health crisis and marked by “the explosion in demand for community platforms to fight bank transfer fraud“, explains the start-up. It should allow it to strengthen its positioning in France and accelerate its international development, with initially deployment in the United Kingdom and Spain,”two countries particularly affected by fraud“, she explains.

A network of more than 10,000 companies
Launched in 2016 and based in Lyon, Sis ID has developed a collaborative platform designed for financial directors and treasurers, in order to collectively address the risk of bank transfer fraud and thus respond to the challenges of the digitization of the finance function. It has a network of more than 10,000 companies allowing the control of hundreds of thousands of bank details each month via its SaaS platform which secures the payment details of third parties, customers and suppliers beyond the borders of the company. . This payment database is unique, secure and shared in France and internationally.

Sis ID is positioned as a trusted third party to support businesses and offers two efficient and complementary solutions. The first, called My Sis ID, allows companies to easily verify the match between a company’s identity and its bank details in a matter of seconds. By pooling and anonymizing payment histories, My Sis ID delivers a real-time alert in the event of risk of fraud. It certifies the banking transactions of its clients in more than 30 countries to date.

The second, Sis Inside, allows the platform to be integrated directly into the business applications of companies to make it easier for users to get started and to interface with the main ERP, TMS and dematerialization solutions on the market.

Staff x10 by 2025
According to Euler Hermès, more than 7 in 10 French companies suffered at least one fraud attempt in 2019. Cybersecurityventures estimates the global damage at $ 6 billion in 2020. In this year marked by an upsurge in cyber attacks and more specifically the risk of fraud in transfers, companies are looking for automated solutions “able to secure payment data by avoiding human and time-consuming manual verification“. A “market little addressed by current cybersecurity solutions“, adds Clarisse Blandin, director of investments dedicated to fintech within the Digital Venture division of Bpifrance.

Sis ID claims to count among its clients many international companies in the telecoms, construction, retail, transport and service sectors. It plans to recruit new talents on a massive scale in France and around the world and to multiply its workforce by 10 by the year 2025.

The start-up is also considering providing its platform with functionalities enabling it “anticipate and evolve as a mirror vis-à-vis the practices used by fraudsters but also strengthen its integration with all the tools and solutions of the market at each stage of the value chain of the Purchase-to-Pay process (P2P )“.

Aude Chardenon


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