Emerging from stealth, Ballerine, a startup that offers open-source risk decision-making software in the finance sector, announced a $5 million seed funding round led by Team8.
Ballerine’s platform integrates global data sources, offering automation and decisioning tools for tasks like transaction monitoring, onboarding and underwriting.
“The financial industry desperately needs infrastructure to support its ongoing digital transformation, infrastructure that empowers institutions to automatically access and analyze data throughout the customer journey,” Noam Izhaki, Ballerine CEO and co-founder, said in a news release. “Ballerine offers exactly that — it leverages dispersed data, simplifies privacy management, and empowers companies to continually enhance their risk-decisioning processes while maintaining control and flexibility.”
The funding round was led by Team8 with participation from Y Combinator and Vera Equity and executives from Brex, Trulioo, Venmo, Melio and Coinbase.