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.
“This seed round gives us an important springboard to further enhance our software and to expand our distribution network of accountancy partners. Having QVentures as our lead investor in this round is a privilege, their excellent portfolio of companies speaks for itself, and we’re delighted they chose to add Meysey to the cohort.”
Co-founder and CEO of Meysey, Oliver Crofton
’We are thrilled to back Oliver and Drew at Meysey, two founders with a track record of success. Financial fraud is something that SMEs face every day and the Meysey solution will help identify and prevent this and the loss of millions of pounds.”
Brian Hatton, Partner at QVentures
Meysey is the latest company to receive investment from the QVentures Pre-Seed SEIS Fund, which focuses on investing in software-driven solutions that disrupt traditional industries through efficiency.
For more information on Meysey, please visit https://www.meysey.co.uk
About QVentures
Watch a two-minute introduction to QVentures here.
QVentures is a Venture Capital firm providing direct investment opportunities and fund management. QVentures sources, screens, and invests in top-tier start-ups from Seed to Series C for their investor base consisting of Family Offices, Institutional Investors, UHNWIs, and Cashed-out Entrepreneurs. QVentures has participated in rounds with an aggregate combined size of over £351m in 115 companies.
If you are looking to invest in early-stage companies, please Self Certify as an Investor at www.qventures.co/register
If you are seeking funding, please apply on www.qventures.co/fundraising
DISCLAIMER
Capital at Risk. You could potentially lose all of your money in this investment. Returns are not guaranteed. QVentures is targeted at investors who are sufficiently sophisticated, understand these risks and make their own investment decisions. The tax treatment of this business depends on the individual circumstances of each investor and may be subject to change. Investors should seek professional independent advice if they are unsure as to the suitability of any investment for their particular circumstances and needs. Past performance and forecasts are not indicative of future performance. Investors should only invest a proportion of their available investment funds through QVentures as these investments are high-risk. QVentures does not make any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this document.
QVentures is a trading name of Quintessentially Ventures Limited, which is an Appointed Representative of Brooklands Fund Management Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 757575). QVentures is not registered with the Securities and Exchange Commission.
