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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