Meysey: AI Fraud Protection for SMEs Raising £250,000
LONDON, 18th March 2024 – Meysey, a fraud protection startup that utilises artificial intelligence (AI), has successfully raised £250,000. This funding will be used to develop AI-powered fraud protection software specifically designed for small and medium-sized enterprises (SMEs). Meysey’s cloud-based tool is built with non-technical users in mind. It can be set up in minutes without any software downloads. The unobtrusive analysis tool offers two deployment options: a standalone platform or seamless integration with existing accounting software.
The funding round was led by London-based QVentures and several strategic angel investors joined the round. SMEs are particularly susceptible to fraud due to limited resources for financial checks. Meysey’s vision is to become the leading provider of AI-powered fraud detection and prevention technology for this market segment. Their software helps businesses of all sizes combat internal and external fraudulent activities, including fraudulent invoicing and payroll scams. Additionally, Meysey offers pre-screening of vendors to further mitigate risks.
According to the Home Office, fraud accounts for over 40% of crime but receives less than 1% of police resources. The fraud threats faced by businesses today have reached a tipping point, compounded by the proliferation of advanced technologies used by fraudsters. Meysey uses AI to combat this trend by providing an automated software solution which continuously scans data from within accountancy software tools (initially Xero) to identify indications of potential fraud including transaction anomalies, supplier risks, and payroll disparities.Meysey was co-founded by Oliver Crofton and Drew Rathbone. Oliver, a seasoned entrepreneur with several start-ups (and exits) behind him, has a proven track record of commercialising technology products. Drew brings an extensive background of over 15 years in building technology products and leads product development at Meysey.
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