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Signifyd secures USD 2 mln in funding round

Thursday 20 December 2012 10:04 CET | News

Signifyd, a fraud prevention software, has secured USD 2 million in a funding round led by venture capital firm Andreessen Horowitz.

Other investors include venture capital firms Data Collective, IA Ventures, QED Investors (Capital One founder Nigel Morris), Resolute.VC, Tekton Ventures and several angel investors.

The company has unveiled plans to use the capital to help online businesses use data to prevent payments fraud. Signifyd provides a SaaS technology which uses algorithms on back end to see if every transaction is legitimate and has different systems in place for various types and sizes of retailers.

Signifyd has been founded in 2011 by a team of risk professionals from PayPal to figure out the complexity of payment validation and help online businesses mitigate risk when it comes to fraud. According to the company, retailers usually lose 3.1 percent to fraud on a yearly basis.
 


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Keywords: Signifyd, online fraud, SaaS technology, online payments, payments fraud
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions

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Securing Transactions