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TokenEx raises USD 100 mln to boost its data security operations

Thursday 24 March 2022 12:44 CET | News

US-based data security startup TokenEx has announced that it has raised USD 100 million in funding from K1 Investment Management.

TokenEx’s plans for its new USD 100 million funding round include growing its product, customer service and account management teams. The startup will also expand its global operations.

TokenEx is working to ease the task of securing financial information. The startup provides a cloud service that uses a cybersecurity technique called tokenization to help companies avoid data breaches. According to TokenEx, its cloud service can replace the financial information in a company’s systems with algorithmically-generated files called tokens. Those tokens don’t contain any sensitive data such as credit card numbers. The result, the startup says, is increased security. 

Besides improving cybersecurity, according to siliconangle.com, TokenEx says its service also provides a simplified regulatory compliance to organisations, especially focused on PCI DSS. 


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Keywords: funding, data protection, fraud prevention, PCI DSS
Categories: Fraud & Financial Crime
Companies:
Countries: United States
This article is part of category

Fraud & Financial Crime