Fortiro Secures FinTech Award for AI and Recognition for Innovation in Lending 

MELBOURNE, AUSTRALIA – 30 APRIL 2024

Fortiro, a leader in document fraud detection and financial verification, today announces it has been awarded the ‘Best Use of AI in FinTech’ at the 2024 FinTech Awards. Fortiro also emerged as a finalist in the ‘Best Innovation in Lending and Home Loans’ category. These accolades underscore Fortiro’s unwavering commitment to driving transformative change in the financial industry through innovative artificial intelligence (AI) solutions. 

Fortiro is tackling the longstanding barriers to instant approvals in lending and mortgages while simultaneously combating the pervasive issue of “liar loans” and application fraud.  

“By leveraging our advanced AI technology, lenders can now swiftly process traditional income and expense documents, such as payslips, and perform both income and document verification automatically within a matter of seconds or minutes. These efficiency gains are resulting in cost savings, increased fraud detection and an improved customer experience for our clients”, Sean Quagliani, Fortiro Co-Founder and CEO said. 

Fortiro’s revolutionary approach enhances the customer experience by eliminating the days-long wait associated with manual document reviews and empowers lenders to scale their operations efficiently. Fortiro’s automated fraud detection capabilities are a game-changer for the industry, enabling lenders to proactively identify and prevent fraudulent applications, thus safeguarding both themselves and the wider banking network. 

“Fortiro has demonstrated outstanding innovation by adopting artificial intelligence and machine learning into its platform.  Fortiro is leading the way by fighting document fraud and reducing fraudulent claims, a billion-dollar challenge for financial institutions. Congratulations on an outstanding submission. A well-deserved win for Fortiro!” said Glen Frost, Founder of the FinTech Awards.

Fortiro’s solutions have resulted in clients reporting a remarkable 35% reduction in delinquencies and write-offs by intercepting dishonest applications upfront. This tangible success has propelled Fortiro to the forefront of the industry, with some of the most trusted financial institutions in Australia using Fortiro’s solutions. 

The combination of automated income verification and fraud detection not only delivers significant cost benefits to lenders but also reinforces the integrity of the banking system. By streamlining processes and fortifying defences against fraud, Fortiro is driving positive change throughout the financial ecosystem. 

“At Fortiro, innovation is ingrained in our DNA. Our commitment to innovation drives our passion to enable our customers to do business fast, safe, and smart. This award is a testament to our unwavering commitment to pushing the boundaries of what is possible in FinTech. 

As we celebrate this momentous achievement, we extend our gratitude to our team, partners, and clients for their unwavering support. Together, we will continue to drive innovation and shape the future of FinTech with AI.”

Sean Quagliani, CEO Fortiro

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About Fortiro

Fortiro is a FinTech company specialising in automated document fraud detection and financial verification. 

Used by some of Australia’s most trusted financial institutions, Fortiro’s platform enables the detection of document fraud and the automation of income verification, driving faster processing times and reducing costs through fraud avoidance, which results in an improved customer experience. 

Fortiro’s platform comprises Fortiro Accelerate to instantly extract and verify income and expenses from common financial documents such as payslips and bank statements, Fortiro  Protect which automates document fraud checks and eliminates manual reviews, and Fortiro  Redact to redact sensitive information in financial documents automatically.

Headquartered in Australia, Fortiro’s vision is to become the global industry leader for document fraud detection and verification.  

About The FinTech Awards

The FinTech Awards recognise and celebrate Australian innovation and entrepreneurship. 

The FinTech Awards are for the entrepreneurs that start great fintech businesses; it’s entrepreneurs and their teams, who grow the businesses that create great products, who innovate, create the new jobs and the new investment opportunities; every founder needs a great team and help from others on the journey, be it venture Capital, funding, technology partners, other partners from recruitment to media to legal counsel, and we bring the eco-system together to celebrate achievement.