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EDBI makes investment in Vesta to expand its fraud protection solution across APAC

Tuesday 4 August 2020 10:58 CET | News

Vesta has secured a strategic investment from EDBI, a global Asia-based investor, to expand its fraud and approval enhancement platform across Asia Pacific (APAC). 

According to the press release, Vesta recently raised USD 125 million in from private equity company Goldfinch Partners. The funding provides the company with the resources to invest in growth and continue the global deployment of its fraud protection and ecommerce payment solutions.

Moreover, Vesta’s real-time decisioning platform – built on data science and machine learning with more than 25 years of intelligence – analyses customers’ online payment transactions to assess the risk of fraud, backed by Vesta’s zero-risk, zero-liability payment guarantee. Removing the fear of fraud also decreases the likelihood of incorrectly declining good customer transactions and increasing revenue. 

Besides, Vesta provides its service directly to partners in the telecommunications and ecommerce industries around the globe, while allowing merchants to integrate through commerce and payments platforms including Plaid, Shopify, and Verifone.

Overall, as growth in ecommerce transactions continues to accelerate across the region, fraud poses a challenge for organisations. According to the 2019 Experian Identity and Fraud Report, online fraud losses increased by 50% of surveyed businesses in APAC in the past year. 

Despite the growth of fraud – including account takeovers, transaction fraud, e-skimming and brute force attacks driven by professional crime rings – most organisations are still reliant on reactive strategies, using manual safeguards and low-tech models with high operating costs to manage these events, resulting in lost revenue and poor consumer experiences. 

Therefore, Vesta helps companies to eliminate the fear and risk of fraud, altogether, allowing them to focus on growth. The company will have its regional headquarters in Singapore.

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Keywords: Vesta, EDBI, Asia, fraud, Asia Pacific, APAC, Singapore, ecommerce, Goldfinch Partners, machine learning, data science, merchants, Plaid, Shopify, Verifone, transactions
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions