San Jose, Calif.-based antifraud technology startup Signifyd last week announced it has secured $19 million in new funding. The company will use the additional cash infusion, led by existing investor Menlo Ventures along with TriplePoint Capital and American Express Ventures, to scale its machine-learning technology that helps e-commerce merchants identify and prevent fraud while reducing false declines to legitimate customers. The company is one of a growing number in the e-commerce fraud space that guarantees its approved transactions and will pay chargeback costs that result.
“Merchants of all sizes have a growing need for fraud-management solutions as more consumers shop online,” said Rohit Bodas, partner at American Express Ventures. “By leveraging machine learning and providing a 100-percent guarantee, Signifyd is making it possible for even the smallest merchants to combat fraud and achieve measurable cost savings in the process.”
This most recent investment round brings total funding for the five-year-old company to $50 million.