AI-powered data infrastructure company Monnai has raised $12 million in an equity funding round that brings the total raised by the company to $23 million.
Founded in 2021, California-based Monnai helps e-commerce, financial services, and fintech companies reduce fraud, streamline onboarding, and make more accurate, real-time decisions.
The company has built an identity and risk data infrastructure that provides organizations worldwide with real-time, ultra-low-latency risk signals.
Through built-in back-testing and observability, it also allows businesses to monitor data quality, measure performance, and optimize their models at scale.
Monnai says it processes tens of millions of transactions per month, helping organizations deploy in new markets in days using its hyperlocal infrastructure.
According to the company, its solution provides the necessary data for more accurate and effective AI-based models that power digital onboarding, credit decisioning, and fraud prevention.
Monnai will use the new funds to accelerate global coverage expansion in new markets in Europe and Latin America.
It will also invest in core data infrastructure, improve data effectiveness and response time, and expand its data, engineering, and go-to-market teams.
Monnai’s fresh funding round was led by Motive Partners, with additional support from existing investors Commerce Ventures and 500 Global.
“Monnai is building a critical foundational layer for the global financial services industry. Through combining hundreds of hard to access data sets with AI driven intelligence Monnai is becoming the go-to identity decisioning partner for global platforms,” Motive Partners principal Thomas Harris said.
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