Brazilian tech startup VAAS, specializing in anti-fraud solutions, has secured USD $2M from investors, including ABSeed, to combat financial fraud, particularly in cryptocurrency transactions and Pix payment scams.
Established in Florianópolis by the founders of the 3D decor startup Decora, Vaas is currently testing its concept with major companies and is set to launch a blockchain-based transaction monitoring platform soon. This platform will initially focus on Pix transactions, aiming to develop further tools to shield this payment method from fraudsters.
Vaas leverages artificial intelligence to scrutinize the transaction histories of cryptocurrency wallets, detecting unusual or potentially fraudulent activity. Thanks to blockchain technology's secure and decentralized ledger, tracing the origins of funds through various wallets is feasible.
As traditional financial entities begin to embrace cryptocurrencies, Vaas sees an opportunity to enhance transaction transparency. CEO Gustavo Tremel emphasizes the growing need for financial institutions to comply with anti-money laundering regulations and verify the sources of funds.
The startup was kickstarted with a BRL$5 million investment from its founders following Decora's sale for USD $100 million. They also established Hub Web 3, a coworking space in Santa Catarina's capital, fostering over 100 professionals and 40 projects, leading to Vaas's inception.
Now attracting institutional investors for the first time, Vaas plans to use the new funds for market launch and product development. The startup is already collaborating with other institutions, including B3, to validate transaction data against CPF and CNPJ registries.
Vaas has developed an analysis model that integrates registration data with market transactions, offering full-time monitoring services for a fixed monthly fee.
In its pilot stage, Vaas has provided services to banks but is preparing for an official launch. This comes at a time when some financial players are stepping back from cryptocurrency offerings due to regulatory uncertainties.
Beyond cryptocurrencies, Vaas is strategizing to expand its offerings to include future digital payment forms like the upcoming Brazilian digital currency, Drex, to be launched by the Central Bank.
