French start-up Shift Technology valued $1 bln in $220 mln round [Reuters]
Shift Technologies, Inc. - Class A (SFT)
Company Research
Source: Reuters
French start-up Shift Technology valued $1 bln in $220 mln round By Mathieu Rosemain , Anna Irrera 2 Min Read PARIS/LONDON, May 6 (Reuters) - French start-up Shift Technology, a developer of software to help insurers detect fraudsters, has closed a $220 million fundraising that brings its valuation to over $1 billion, it said on Thursday. The company, whose clients include France’s AXA, Japan’s MS&AD and Hong Kong-based FWD Group, said it will use the funding to develop new products and add functionality to existing ones. “This includes products specifically designed for the health insurance market to help avoid improper payments,” said Jeremy Jawish, Shift Technology’s CEO and co-founder. “We’ll also use the funding to support staffing with a particular focus on building out our team of data scientists.” Shift Technology’s software analyses insurance claims and can help insurers to identify when a bad actor may be using a policy to commit crimes, such as money laundering. Insurance
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