European RegTech Fourthline Expands to France

Fourthline, a Netherlands-based regulatory technology (RegTech) firm, has expanded its operations to France. The company has developed a technology suite that allows financial service providers to conduct Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in compliance with local regulations.

Streamlining Client Onboarding

Fourthline’s technology includes a single API that streamlines the onboarding of new clients. It encompasses identity document examination, address verification, electronic signature authentication, biometric data analysis, screening against international sanctions lists, and its own Optical Character Recognition (OCR) model to detect manipulation. The company claims that this system prevents around 60% of frauds and boasts an accuracy rate close to 100%.

A Wide Range of Clients

Fourthline serves a variety of clients, including banks, insurance companies, fintechs, and marketplaces. Its clientele features European leaders such as N26, Trade Republic, Western Union, Solaris, flatex-DEGIRO, and Scalapay.

Expansion and Funding

In March 2023, Fourthline raised €50 million from investors led by Finch Capital and currently employs 300 staff across the Netherlands, France, Spain, and the UK. By establishing itself in France, one of the most heavily regulated markets in Europe, Fourthline aims to deploy a pan-European offering and strengthen its connection with its clients.

Partnership with Shine

Since August 2023, Shine, a subsidiary of Société Générale dedicated to SMEs and freelancers, has been onboarding all its new clients using Fourthline’s KYC processes. Jean-Baptiste Sciandra, CMO at Shine, praised the partnership for meeting regulatory requirements and enhancing customer experience.

New Appointment in France

Pierre Matta, a finance, payment solutions, and fintech expert with 15 years of experience, has been appointed as the Country Manager for France. He has previously contributed to the growth of several international innovators and served as Chief Commercial Officer at Aion Bank / Vodeno and Algoan. Matta expressed that Fourthline’s entry into France exemplifies their ambitions in this market with significant potential.