Marble raises €6.5M Series A led by Smartfin for its open-source fraud and AML platform

The Paris-based company Marble, which develops open-source software for fraud detection and anti-money laundering compliance, raised €6.5 million in its Series A round, with Smartfin as the lead investor.

This brings the total funding to €9 million, with ADNEXUS as a new investor, while existing investors Passion Capital, 42Capital, and Hexa have each increased their investments.

Marble provides a platform for banks, fintechs, and payment providers that need to detect fraud and comply with anti-money laundering and counter-terrorist financing regulations.

Risk and compliance teams can use Marble to create, test, and launch detection rules on their own, without waiting for lengthy IT projects. The platform can run on the customer’s servers or as a hosted service.

The company says more than 100 institutions in over 25 countries use it in their production processes. Nearly 70% of its customers are located outside France, and 70% of them made the switch from some other system.

The company intends to achieve annual recurring revenue of more than €5 million by 2027.

Marble focuses its sales pitch on cost savings. The company says that fraud and anti-money laundering tasks can consume 10% to 15% of staff time at banks and fintechs, time that customers would prefer to spend on growing their business.

The new money will push AI further into that work, from writing rules to sorting alerts and investigating cases.

Marble also plans faster on-premise deployments that plug into existing data, built-in AI agents limited to the data they are cleared to see, and rules that compliance officers can change through configuration rather than engineering.

“Compliance teams shouldn’t have to choose between staying compliant and moving fast,” said Arnaud Schwartz, CEO and Co-Founder of Marble.

“That’s exactly what we built Marble to solve. As the regulatory bar keeps rising, compliance teams are expected to do more with the same headcount. Our job is to make sure that it is Marble that absorbs that complexity and not our customers.”

Will Orde of Passion Capital, which first backed Marble at the seed stage, said the team had done what it promised.

“Automation for FRAML has gone from niche to inevitable, reshaping the cost base of every regulated business,” said Saumitra Dubey, Partner at Smartfin.