Silicon Valley antifraud technology startup Signifyd late last week closed on a $56 million funding round, bringing the total amount of capital it has raised since last year to $95 million. The company is one of a growing vanguard of operators in the e-commerce fraud prevention space that offers to repay merchants for chargeback costs stemming from fraudulent transactions approved by the third party. Sygnifyd’s Series C round was led by Bain Capital Ventures with participation from Menlo Ventures, American Express Ventures and other existing investors.
The company said it intends to put the cash infusion to use by doubling the number of engineers it employs in the next 12 months.
“Our rapid growth has been made possible by our customers’ ability to scale, enter new markets and accept orders their competitors have turned away,” said Rajesh Ramanand, co-founder and CEO of Sygnifyd. “E-commerce is fiercely competitive and we see a whole new wave of competition arriving in the form of brick-and-mortar retailers shifting their focus online. In this environment, merchants are seeking a fully predictable cost for fraud that can eliminate liability and free up internal resources to focus on growth, customer service along with product and service innovation.”