Meysey, a London, UK-based fraud protection startup, raised £250K in funding.
The round was led by QVentures with participation from angel investors.
The company intends to use the funds to develop its software.
Co-founded by Oliver Crofton and Drew Rathbone, Meysey provides an AI-powered fraud protection software platform specifically designed for non-technical users working at small and medium-sized enterprises (SMEs) to combat internal and external fraudulent activities, including fraudulent invoicing and payroll scams. Additionally, Meysey offers pre-screening of vendors to further mitigate risks.
Meysey uses AI to combat this trend by providing an automated software solution which continuously scans data from within accountancy software tools (initially Xero) to identify indications of potential fraud including transaction anomalies, supplier risks, and payroll disparities.
It can be set up in minutes without any software downloads. The analysis tool offers two deployment options: a standalone platform or integration with existing accounting software.
Commenting on the news, Oliver Crofton said: “This seed round gives us an important springboard to further enhance our software and to expand our distribution network of accountancy partners. Having QVentures as our lead investor in this round is a privilege, their excellent portfolio of companies speaks for itself, and we’re delighted they chose to add Meysey to the cohort.”
FinSMEs
11/04/2024