Announcing our fundraising, new SMB fraud model & KYB

We’re excited to announce our $3.7M fundraising round co-led by Lux Capital and Exponent Founders Capital, with participation from Y Combinator, Blank Ventures, Bill Clerico (co-founder of WePay) and Immad Akhund (CEO & co-founder of Mercury). We’re also announcing CorShield, the world’s first SMB fraud model, and a new business verification product.

Coris is the first risk platform to leverage LLMs at scale for major enterprises such as Mindbody and Stax Payments. Read on to learn how we’re modernizing SMB risk infrastructure.

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SMB data is valuable, but difficult to analyze

There are over 400 million SMBs worldwide, and this number is growing rapidly. However, figuring out how to onboard, underwrite, and monitor these businesses remains challenging. While there is an increasing amount of SMB data, this data is usually unstructured and stored in different places, making it difficult to standardize and extract insights.

As a result, risk teams at companies serving SMBs must manually verify business identities. They do this by sourcing relevant datasets and analyzing data using spreadsheets and online searches. This can delay SMB onboarding timelines by 100 days and opens up the opportunity for costly human errors. At WePay, Shyam and I saw many software companies struggle with this archaic process.

Advancements in AI can address many of these data challenges head on. For example, LLMs can parse unstructured SMB data at scale and capture its semantic meaning, without losing important context.

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Coris: Putting SMB risk management on autopilot

Coris is addressing this data problem and fostering greater trust between SMBs and the companies that serve them. We’re aggregating global SMB data and generating novel risk and fraud decisioning insights from this data using AI.

We’ve already helped enterprise customers verify over 150,000 SMBs and offer data on over 330 million global SMBs. Mindbody, Coast, and Stax Payments have accelerated SMB onboarding by 5x and reduced operational costs by ~50%.

“Coris has been instrumental in managing our merchant risk strategy across 40+ countries. We’ve successfully reduced our manual onboarding processes by 80%, empowering us to operate with increased efficiency and effectiveness.”

- Cassandra G., Senior Payments Risk Manager at Mindbody

Our 3 products help companies automate fraud and risk strategies across the SMB customer journey, from onboarding to ongoing monitoring.

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CorShield

CorShield is the first SMB-focused fraud model to prevent business impersonation fraud and first party fraud at sign-up. It helps minimize false positives and downstream losses.

Existing SMB fraud prevention methods either leverage generic fraud tools or manual verifications. CorShield, on the other hand, automatically triangulates known information on SMBs and cross-checks applicant data against this to assess the likelihood of fraud. For each SMB, it generates a fraud score and top reasons for the score.

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MerchantProfiler

MerchantProfiler goes beyond just checking a KYB box. It enables globally-minded software companies and fintechs to truly know their SMBs through:

Real-time KYB including Secretary of State business verification, sanctions screening, and TIN matching
Data on SMBs in 46 countries, representing 70% of SMBs worldwide
Automated analysis of SMB websites, 3rd party consumer reviews (Google, Yelp, Facebook), and more
Instant, accurate SMB industry classification using GPT-4 for MCC and NAICS codes

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Fuzio

Fuzio is a centralized risk management platform allowing risk teams to automate monotonous tasks through a three-part approach:

Consolidate data from MerchantProfiler, external data sources such as Stripe and data warehouses (BigQuery, Snowflake, Redshift, Postgres, and Databricks), and more
Set up custom risk rules and actions based on this data
Automatically execute actions based on configured rules, or forward them to manual review in our case management system

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