Ballerine secures $5m in Seed funding for product expansion

By Delisha Fernandes

Ballerine, an open-source risk decisioning platform, has raised $5 Million in a seed funding round led by Team8.

The company provides an open-source platform that integrates global data sources and the necessary tools to automate and enhance decision-making processes for tasks such as onboarding (KYB), underwriting, and transaction monitoring.

Ballerine caters to any business handling financial transactions subjected to KYB, KYC, and anti-money laundering regulations, including most financial institutions, FinTechs, e-commerce, marketplaces, and other companies.

“The financial industry desperately needs infrastructure to support its ongoing digital transformation, infrastructure that empowers institutions to access and analyse data throughout the customer journey automatically,” said Noam Izhaki, CEO and Co-Founder of Ballerine, “Ballerine offers exactly that – it leverages dispersed data, simplifies privacy management, and empowers companies to enhance their risk-decisioning processes while maintaining control and flexibility continually.”

Ballerine’s open-source core gives developers and risk managers control over the infrastructure with a single integration and allows customisation to address specific needs around customer experience, risk exposures, audiences, and geographies.

Ballerine’s open-source platform is the next-gen infrastructure for risk and identity decisioning. It offers more flexibility for global financial services and large institutions, catering to many more use cases and allowing customers to extend and customise the platform.

“Ballerine has a real opportunity to transform the way any business handling financial transactions manages risk,” said Hadar Siterman Norris, Partner at Team8. “This funding will help Ballerine create the first open-source and developer-centric compliance infrastructure, propelling Ballerine to even greater heights. We are excited to be part of their journey.”