May 31, 2018
Signifyd, the San Jose, Calif.-based antifraud technology provider that is one of a growing number of companies guaranteeing their service, this week closed on a Series D funding round worth $100 million. The company, which opened its first international office in Spain last month, said it will use the cash infusion to continue global expansion and develop its solution. The round was led by Indian investment firm Premji Invest with participation from Bain Capital Ventures, Menlo Ventures, American Express Ventures and others.
The company, founded in 2011, was one of the first antifraud tech firms to offer merchants a guarantee of its services in the form of reimbursement for losses accrued when transactions it approves are subsequently charged back to the merchant due to fraud. According to Signifyd CEO Raj Ramanand, the model serves merchants looking to limit fraud while providing as little friction as possible to legitimate customers.
“While fraud remains a serious concern, transactions wrongly declined due to suspected fraud represent a bigger problem of more than $150 billion a year,” said Ramanand. “A wrong decline can push consumers to abandon the merchant and thereby erode customer lifetime value. With this funding, we’re looking to continue to enable friction-free e-commerce for enterprise and omnichannel retailers globally.”
Since its launch, Signifyd has raised $187 million.