Structuring non-dilutive funding in addition to a first round
When you do a first round, every choice counts. For Marble, a French startup specializing in fraud detection and real-time compliance, it was a question of structuring a sustainable financing trajectory. In parallel with an equity round, the team called on Reki to activate non-dilutive levers.
Marble offers an open source, self-hosted or cloud solution, allowing fintechs and financial institutions to monitor transactions and user activity in order to detect suspicious behavior in real time. Their decision engine offers total transparency, enhanced security and a community approach, integrating perfectly with enterprises' existing technological infrastructures.
In August 2024, Marble raised from leading funds, including 42Cap and Passion Capital, to accelerate the development of its real-time compliance platform.
Pourquoi avoir fait appel à REKI
“We had just raised funds and wanted to go further, in an effective way. The objective was simple: to add a non-dilutive layer of financing that is both useful, quick to activate and energy-efficient for the team.” This is how Arnaud Schwartz, CEO of Marble, describes the genesis of the collaboration with Reki.
Why non-dilutive is essential for Marble
For Marble, non-dilutive financing was not a simple complement, but a real strategic lever. Preserving their assets from the first round was a priority, in order to maintain flexibility for the next stages of growth. In a phase where every dilution point counts, being able to activate alternative financing made it possible to finance key developments without giving up additional capital.
The activation of non-dilutive financing is therefore not a bonus: it is a structuring choice for Marble's growth trajectory. This allowed them to:
- To broaden their financing horizon without opening up capital,
- To anticipate the next phases of development,
- To strengthen their strategic autonomy.
Les fonctionnalités préférées de l’outil REKI
At Marble, the support was without friction and without endless back and forth. The team simply sent in their working documents — the business plan, the raw data and documents — and Reki took care of structuring everything. The final file was ready to be presented, clear, coherent and adapted to the expectations of the funders.
A highlight of the course was the preparation of the interview with Bpifrance. Arnaud highlights how the approach remained simple and effective: “We didn't force anything. No bloated storytelling. We simply structured what we were already doing, to meet the expectations of the funders without disguising our project.” This transparency made it possible to defend the case with confidence.