EverCompliant raises USD 35 million, rebrands as EverC

Friday 11 September 2020 10:49 CET | News

EverCompliant, a transaction laundering detection and prevention company, has raised USD 35 mln to meet growing demand from banks, credit card companies, payment processors, payment facilitators, online marketplaces, and law enforcement agencies. 

According to EverC’s calculations, some USD 500 billion is laundered annually through fraudulent ecommerce transactions. Furthermore, according to the company, there are 6 to 10 million online merchants that are currently using the payment system to process transactions without the knowledge or consent of the financial institution they are processing through.

The company has also rebranded as EverC to better align its name with a broader mission to reduce online crime and empower ecommerce growth by leveraging its intelligence capabilities.

Red Dot Capital Partners, an Israel-based early growth-stage venture capital firm, led the series B round. Major Investments joined the round, as did the company’s existing backers, among them Joey Low, Viola Ventures, Arbor Ventures, and American Express Ventures.

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Keywords: EverCompliant, EverC, transaction laundering, money laundering, ecommerce transactions, funding, fraud prevention, online merchants
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime