Investment

VENTURE CAPITAL fund Kernel Capital is leading a €900,000 investment in fraud management firm Xintec.

The venture fund is providing €350,000 of the investment, which will help Xintec to grow its business further and increase its product lines.

Xintec, set up by Irish businessman Seán Killeen in 2007, provides fraud management and revenue optimisation software products to telecom operators. Last year the company relocated its headquarters from Luxembourg to Dublin, where it employs eight people.

Plans for expansion are on the cards, with Xintec planning to create 15 jobs within 18 months. The firm counts Vodafone among its customers. “It’s a new space for us, and a very hot space,”

a spokeswoman for Kernel said.

Annual global losses in the telecoms sector from fraud amount to about $40 billion (€31.8 billion), according to the Communications Fraud Control Association.

The threat is expected to increase as telecoms firms move to mobile commerce.