ForMotiv, which leverages behavioural data to help insurance carriers detect fraud, has experienced a stellar 500% annual recurring revenue (ARR) growth in 2021, culminating in the close of its seed round on $6m.
The investment was led by US-based investment firm Vestigo Ventures, with commitments also coming from Plug & Play Ventures, DreamIt Ventures and other unnamed backers.
ForMotiv is targeting to reach 700% ARR growth by the end of the year. Not only has the FinTech company seen strong ARR growth this year, but since 2019, it has experienced a 638% compound ARR growth.
Some of the other impressive milestones to surpass in 2021, include tripling its customer base and doubling its headcount.
With the fresh seed funds, ForMotiv plans to hire senior positions in its tech, product and sales teams.
ForMotiv provides businesses with rael-time predictive intelligence on customer intent while customers engage with applications and forms. Its technology can analyse hundreds of unique data points to identify intent and determine if the player is genuine or fraudulent.
It claims a company can then use this data to improve conversion rates and reduce risk of fraud. The technology is used within insurance and banking.
ForMotiv CEO Bill Conners said, “The pandemic expedited digital transformation for several industries – insurance being one of them. With enterprises seeking solutions to better understand digital behaviors and improve customer experience, ForMotiv thrived and remained profitable.
“In the midst of navigating a company experiencing tremendous growth, I’m thankful to be in a position where this funding is going toward scaling our team as we continue onboarding global insurance carriers and financial services companies.”
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