February 6, 2018
Tender Armor, a Florida-based authentication technology provider, recently secured what it characterized as a “multi-million-dollar” Series A investment. The Fort Lauderdale company has developed a dynamic CVV solution for payment cards called CVV+ that sends a text or email to cardholders when they are making remote purchases, which they use when the merchant requires a CVV to complete the purchase.
Dynamic CVV is not a new solution, but the idea has usually been executed using a display window on a physical card. The cards are expensive and have not seen widespread adoption by issuers. Tender Armor is leveraging the mobile device so that users who sign up for the service receive a text or email with a unique CVV code—one that changes periodically.
The round was led by private investors and Tender Armor said it will use the funding to expand its workforce and further develop the product.