AI Funding Regtech

Franklin Templeton Joins Transparently.AI’s US$3 Million Fundraise

by Fintech News Singapore February 20, 2024

Transparently.AI, a Singapore-based AI firm specialising in detecting accounting fraud, announced that global asset management firm Franklin Templeton had joined its US$3 million pre-Series A funding round.

This financial backing is part of Transparently.AI’s inclusion in Franklin Templeton’s Fintech Incubator programme. The company’s valuation now stands at US$20 million.

The firm’s AI-driven software offers a sophisticated tool for detecting financial discrepancies and potential fraud in corporate balance sheets by assigning a risk score ranging from 0 to 100.

This score aids various financial entities, including asset managers, banks, and auditors, in identifying and mitigating risks related to financial misconduct and governance issues.

As part of the incubator programme, Transparently.AI will benefit from mentorship, expert guidance, and access to workspace facilities in both Singapore and San Mateo, California.

This collaboration aims to bolster Transparently.AI’s market presence, particularly in North America, leveraging Franklin Templeton’s established reputation and network.

Transparently.AI has already secured partnerships with prominent global institutions, including a major sovereign wealth fund and a leading commercial bank.

Previously, Transparently.AI was among the 10 companies chosen from over 1,000 startups to join Plug and Play’s Fintech 2023 Accelerator Programme in March 2023.

Hamish Macalister

“We are deeply privileged to be working with Franklin Templeton.

Through our collaboration with a brand like Franklin Templeton, which has a strong presence and history in the U.S, we hope to significantly accelerate our go-to-market strategy, particularly in North America,”

said Hamish Macalister, Chief Executive Officer and Co-founder of Transparently.AI.

Margaret King

“The changing face of fraud risk in an evolving digital landscape means that businesses have to be more vigilant now than ever.

With advancements in AI, Regtech solutions have the potential to address gaps in financial crime risk management, and we look forward to seeing Transparently.AI bring advanced technologies to the market meaningfully,”