Unit21 has built no-code software tools that companies can use to combat identify theft and online fraud.
They are leveraging AI and machine learning, but the key takeaway is their corporate customers use a simple dashboard and API and don’t have a team of developers that know the intricacies of AI to use the tool.
AI wrapped in no-code is a superpower
This combination of the power of AI in a no-code/low-code platform isn’t going unnoticed and is a big trend in AI/machine learning. The company recently completed a Series A financing for $13 million. Google’s AI venture fund was one of the investors in the deal.
Why is this kind of tool even necessary?
- In 2019, companies got hit with $8.14 billion in Anti-Money Laundering (AML) fines. This was almost twice the amount of penalties in 2018.
- Consumers reported losing more than $1.9 billion related to fraud complaints, an increase of $293 million from 2018.
- Identity fraud victims’ out-of-pocket fraud costs more than doubled from 2016 to 2018 to $1.7 billion recent Javelin Strategy & Researchstudy.
Got to have a good dee-fense.
Unit21 was founded in 2018 by a former Affirm product manager Trisha Kothari.
She says that Unit21 has grown rapidly in 2020 with a 400% “uptick in business” within the past 12 months and new customers like Intuit, Coinbase, Gusto, and Line.