Wednesday, May 5, 2021

FrenchTech: Shift Technology valued $1 billion in $220 million round

Europe is going to need more French muscle if Germany can't lift the continent out of its funk.

 Via Yahoo Finance:

French start-up Shift Technology, a developer of software to help insurers detect fraudsters, has closed a $220 million fundraising that brings its valuation to over $1 billion, it said on Thursday.

The company, whose clients include France's AXA, Japan's MS&AD and Hong Kong-based FWD Group, said it will use the funding to develop new products and add functionality to existing ones.

"This includes products specifically designed for the health insurance market to help avoid improper payments," said Jeremy Jawish, Shift Technology's CEO and co-founder. "We'll also use the funding to support staffing with a particular focus on building out our team of data scientists."

Shift Technology's software analyses insurance claims and can help insurers to identify when a bad actor may be using a policy to commit crimes, such as money laundering.

Insurance companies and other large financial services firms, such as banks, have been ramping up their investment in technology that allows them to automate some of their more labour intensive and time consuming processes, such as fraud and money laundering checks.

The fundraising brings total investments made in Shift Technology to $320 million and increases the value of the company to $1 billion, the firm said....