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Banking Dive: Refine’s Seed Fundraise and Origin Story


Gabrielle Saulsbery's recent article in Banking Dive “dives” in, offering compelling insight into our recent $13 million seed fundraise, and exploring the personal experiences of Uri Rivner, the company's co-founder and CEO, which led to the birth of the company.


Uri’s journey to creating Refine began with a simple, yet frustrating, encounter with his bank over a small bitcoin transaction. Despite providing ample documentation to prove the legitimacy of the transaction, his bank denied it without explanation. This incident highlighted a widespread problem in the banking sector: the inability to efficiently distinguish between genuine transactions and potential financial crimes. Fueled by this personal experience and his expertise in financial crime prevention, Rivner envisioned a solution that would streamline AML processes and enhance customer experiences.


Refine's success story gained traction when Valley Bank in NJ became its first customer. The bank's venture capital arm, Valley Ventures, recognizing the potential of Refine's AI technology, invested in the startup. The technology's impact was immediate and profound, dramatically reducing the time required for AML inquiries and improving overall operational efficiency.


As Saulsbery details, Refine Intelligence is more than just a fintech startup; it's a story of innovation born out of personal experience and frustration. It's about transforming a negative experience into a positive one for countless banking customers.



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