14 Jul Signifyd Announces $7M Series A Financing to Accelerate Growth of its Enterprise-Class E-commerce Fraud Platform
Tim Eades (CEO vArmour Networks, former CEO SilverTail Systems) and Pete Bodine have joined the Board of Directors.
SAN JOSE, California, July 13 – Signifyd (www.signifyd.com), the fastest growing provider of fraud protection for e-commerce businesses, announced that it has raised $7 million in a Series A round of financing led by Allegis Capital with participation from Resolute Ventures, IA Ventures, QED Investors, Lucas Ventures and Tekton Ventures. This brings the company’s total funding to $11.2 million since it’s founding by two PayPal veterans. The new financing will be used to further accelerate growth and expand the engineering, sales and marketing teams. As part of the investment, Pete Bodine, managing director at Allegis Capital, will join the board of directors. Signifyd is also announcing the appointment of Tim Eades (CEO vArmour Networks, former CEO SilverTail Systems a cutting-edge fraud protection company acquired by RSA in 2012) as an independent member to the Board.
Signifyd solves the fraud challenges that e-commerce businesses persistently face: billions of dollars lost in chargebacks, customer dissatisfaction from mistaken declines, and operational costs due to tedious, manual transaction investigation. Signifyd’s technology not only tells retailers which payments to accept, but also guarantees these payments in the case of a chargeback.
“The chargeback process for merchants is broken and is clearly ripe for innovation,” said Raj Ramanand, Co-founder & CEO of Signifyd. “The Signifyd platform marries behavioral psychology with machine learning to interpret user purchasing patterns. It automates a process that takes customer service agents hours each day and puts a guarantee behind that automation.” “Many companies have tried and failed to solve this problem with software alone. Signifyd is different because of its financial guarantee. We truly solve the problem,” added Michael Liberty, Co-founder & COO of Signifyd.
“Signifyd has the team and technology to transform this industry. Its product reduces friction, increases revenue, and lowers costs,” said Pete Bodine, Managing Director at Allegis Capital. “They’ve built a company focused on customer success with a real business model, growing revenue at 20% month-over-month. This investment will help the company achieve its goal of fundamentally reshaping the fraud protection and payments industry.”
“For years, the transactional analytics market has been begging for disruption. Online criminals are continuing to rack up millions in fraudulent dollars with ease. Now, Signifyd is equipped with the technology and leadership to fundamentally change the fight against online crime,” said Tim Eades, CEO of vArmour and former CEO of Silver Tail Systems. “The Signifyd platform guarantees payments for merchants, essentially turning online crime on its head. I can’t wait to help the company along the way as they scale their explosive growth and provide merchants with a product that solves some of the most complex problems they are dealing with today.”
Raj Ramanand, a veteran of PayPal and FedEx, and Michael Liberty, a veteran of PayPal and JPMChase, developed Signifyd. They’ve laid the foundation for the company upon their deep fraud experience and passion for customer success. Signifyd already counts major enterprise and mid-market companies among its customers as well as some of the hottest e-commerce startups. For more information, please visit: www.signifyd.com.
Headquartered in San Jose, CA, Signifyd was founded by Rajesh Ramanand and Mike Liberty, a team of veteran risk and fraud experts from PayPal, to help online businesses prevent payment fraud. Signifyd’s full-service cloud platform simplifies fraud detection through a financial guarantee, allowing businesses to increase sales while reducing fraud losses. Signifyd is in use by multiple companies on the Fortune 1000 and Internet Retailer Top 500 list. The Company is backed by top tier Venture Capital firms such as Allegis Capital, Andreessen Horowitz, Data Collective, IA Ventures, Lucas Ventures, QED Investors, Resolute.VC and Tekton Ventures. For more information about Signifyd, please visit http://www.signifyd.com. Follow Signifyd on Twitter @signifyd