Cyota Fuels Worldwide Growth with $7.25M Capital Investment

Wednesday 22 December 2004 11:16 CET | News

Bessemer Venture Partners Leads the Round of Financing. The company will use the funds to accelerate its expansion and to meet growing demand for its anti-fraud services.

Cyota, a leading provider of anti-fraud and security solutions for financial institutions, has closed a $7.25 million round of private financing led by Bessemer Venture Partners, a leading private venture capital firm that carries on one of the longest-standing venture capital activities in the country. Cyota will use the funding to accelerate its growth, and develop new products and technologies to fit financial institutions anti-fraud and security needs. Cyotas array of anti-fraud services, including its anti-phishing service, and payment security platform, are currently in use by 8 of the worlds top 12 banks. Banks, merchants, and consumers increasingly fear that phishing and other types of online fraud pose an existential threat to online banking and commerce. The global fraud industry is exploding, as phishers, hackers and spies infest our computers, log our keyboard strokes, pick our pockets, sweep our accounts, and steal our identities, warned David Cowan of Bessemer Venture Partners. Nine months ago we decided that if any company could restore trust in our online financial institutions, Bessemer wanted to be a part of it; we surveyed the landscape of anti-fraud companies and were delighted to find one company-Cyota-with the technology, executive talent, and industry clout to save the day. Bessemer Venture Partners and its team bring years of business and security expertise to Cyota, with general partners such as David Cowan, co-founder of Verisign. Mr. Cowan will join as a member of Cyotas Board of Directors.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce