Irish-based fraud management firm Xintec has secured €900,000 in funding from Kernel Capital through the Bank of Ireland Seed and Early Stage Equity Fund.
Xintec was founded in Luxembourg, but moved back to Ireland in 2011 to take advantage of the growing start-up culture here.
Xintec founder Sean Killeen said Luxembourg was very risk averse, compared with the start-up scene in Ireland. “I think overall a sense that to benefit from the high level of start-up support and funding for start-ups in Ireland. Ireland has a stronger entrepreneurial culture. Not to put Luxembourg down, but risk taking is a big no no there.”
Xintec was welcomed to Ireland by Enterprise Ireland as the company is seen as a high potential start-up operating in a multi-billion euro software export market.
Xintec provides fraud solutions to mobile phone operators around the world. Mr Killeen explained that there are over 800 mobile phone operators globally and many of these don’t have the skills and expertise to tackle fraud within their networks. Fraud in the telecoms sector is estimated to be worth over €30bn, according to the Communications Fraud Control Association.
“It is largely organised criminal enterprises who essentially are stealing airtime which they can then resell as a commodity. There are more than 200 different fraud types,” said Mr Killeen.
Xintec is already the preferred supplier of fraud solutions with the Vodafone Group and a number of other tier two operators, operators with a million customers, and tier three operators.
Enterprise Ireland manager of high potential start-ups, Michael Moriarty, said: “Xintec stands out as an ambitious and innovative company, and we are delighted to have worked with them and supported their new venture in Ireland. This investment round will help drive their continued development. We see Xintec as a candidate for strong growth with the potential to create quality jobs in Ireland.”
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