European Regtech Fourthline Expands Operations to France with Neobank Shine

Founded in 2017 in the Netherlands, Fourthline has developed a technological suite that enables financial service providers to automatically and compliantly perform KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures in accordance with local requirements.

Fourthline offers a single API “to streamline the onboarding of new clients.”

The technological components “include identity document examination, address verification, electronic signature authentication, biometric data analysis, screening against international sanctions lists, and the use of its own OCR (Optical Character Recognition) model to detect manipulation.”

The result: 60% of frauds “are prevented, with an accuracy rate close to 100%.”

Its clientele consists “of banks, insurance companies, fintechs, and marketplaces, including European leaders such as N26, Trade Republic, Western Union, Solaris, flatex-DEGIRO, and Scalapay.”

In March 2023, Fourthline has reportedly “raised €50 million from a group of investors led by the European investment fund Finch Capital and employs 300 staff in the Netherlands, France, Spain, and the United Kingdom.”

By establishing itself in France, one of the most strictly regulated markets in Europe, Fourthline is “demonstrating its ambitions to deploy a pan-European offering and get closer to its clients.”

Success has already “arrived: since August 2023, Shine, the subsidiary of Société Générale dedicated to SMEs and freelancers, has been onboarding all its new clients using Fourthline’s KYC processes.”

The implementation of the necessary infrastructure “took less than two months.”

Jean-Baptiste Sciandra, CMO at Shine, comments:

“Shine is delighted to integrate 100% of its clients into Fourthline’s KYC process. This partnership is a natural fit. We share the same vision: to provide our clients with secure services that meet regulatory requirements while offering the smoothest possible experience.”

Pierre Matta appointed as Country Manager for France

Pierre Matta is a recognized expert “with 15 years of experience in finance, payment solutions, and fintech.”

He has actively contributed “to the development of several international innovators. Previously, he served as Chief Commercial Officer at Aion Bank / Vodeno, a prominent BaaS player in the European scene.”

Prior to that, he was Chief Commercial Officer “at Algoan, a major player in the credit scoring and open banking sector in France and Europe.”

Pierre Matta stated:

“Onboarding is a critical step in the customer journey for banks and other financial service providers. Fourthline enables the seamless integration of customer experience with compliance with an increasingly complex international regulatory landscape. Our entry into France illustrates our ambitions in this market with significant potential. As the financial sector undergoes major disruptions in recent years, Fourthline possesses strong assets to help our partners become the winners of tomorrow.”

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