French start-up Shift Technology valued $1 billion in $220 million round

French start-up Shift Expert, a developer of a software program that helps insurers detect fraudsters, has closed a $220 million fundraising, bringing its valuation to more than $1 billion , it said on Thursday.

The company, whose buyers include France’s AXA, Japan’s MS&AD and Hong Kong-based FWD Group, said it should use the funds to develop new wares and add performance to existing ones.

“It has merchandise designed specifically for the medical insurance market to help avoid unfair funding,” said Jeremy Javish, CEO and co-founder of Shift Expertise. “We will also use the funds to assist staffing with a selected focus on building our workforce of knowledge scientists.”

Shift Expertise’s software program analyzes insurance coverage claims and can help insurers establish when even a wrongful actor may be using the coverage to commit a crime, reminiscent of cash laundering.

Insurance companies and other large financial provider companies, such as banks, are increasing their investments in technology, allowing them to automate some of their additional labor intensive and time-consuming processes, such as fraud and cash laundering checks.

The agency said the fundraising shift brings the entire investment made in expertise to $320 million and will increase the company’s value to $1 billion.

Digital health insurer Alan, online real estate agency IAD and online clothing resale platform Vestiaire Collective are among French start-ups that have picked up funding rounds of 150 million euros ($180 million) or more.

Shift Expertise’s latest fundraising was led by personal fairness agency Introduction Worldwide. Avenir and former buyers Accel, Bessemer Enterprise Companions, Normal Catalyst and Iris Capital also took half.

The company, which employs 350 people, said it should look to enter the property and casualty insurance market and grow in the medical insurance sector.

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