3 million euros raised for Meelo, a fintech specializing in the fight against fraud

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3 million euros raised for Meelo, a fintech specializing in the fight against fraud

Meelo, a start-up specializing in the fight against fraud and risk, has announced a first round of financing of €3 million from Odyssée Venture and Bpifrance. The fintech, which offers a “plug & play” solution based on AI and Open Data, intends to continue its investments in R&D, recruit a dozen talents and expand internationally, particularly in Asia, Benelux, Spain and Portugal.

Based in Marcq-En-Baroeul, near Lille, Meelo, headed by Laurent Kocinski and Mohamed Hadiri, has 22 employees and has already invested more than €1.5 million in its SaaS solution for real-time customer profile analysis created in 2019. This solution is aimed at insurance companies, banks, retailers and e-retailers. Meelo’s customers include Apple, Boulanger, Cardif, Cleodis, Decathlon, Crédit Agricole, Leroy Merlin, Financo, etc.

Data and machine learning to fight against fraud and non-payment

The solution combines data analysis during the purchase (cart content, delivery method, etc.) with payment data (valid or blocked card, customer’s bank, etc.) and the customer’s historical and declarative data (address, email, telephone number, identity, etc.).

Thanks to web scraping, a technique for extracting content from websites, the data left by customers available to everyone is collected as well as shared banking data (open banking) to study their consistency with the declarative data of the transaction. This open data is used in compliance with the RGPD.

A reliability score is thus attributed from more than 400 data. When the score is not really decisive, it is up to the user to decide if he accepts the new customer. He can for example try to contact him by phone to verify his identity.

This solution can improve the experience of “good” customers and would divide the risk rate by 4 according to the company.

Translated from Levée de fonds de 3 millions d’euros pour la finteech Meelo, spécialisée dans la lutte contre la fraude