Signifyd, the world’s largest provider of guaranteed fraud protection for e-commerce businesses, today announced it has secured $100 million in a Series D round led by Premji Invest, with participation from existing investors Bain Capital Ventures, Menlo Ventures, American Express Ventures, IA Ventures, Allegis Cyber and Resolute Ventures. The new funding will allow Signifyd to further accelerate its growth with global enterprise and omnichannel retailers to provide friction-free e-commerce to their customers.
Signifyd pioneered guaranteed fraud protection that combines machine learning algorithms, proprietary behavior technology and advanced data science research to help identify fraudulent orders for more than 10,000 retailers globally. This network of shared intelligence helps enable global e-commerce for some of the world’s largest brands, such as Build.com, Helly Hansen, iRobot, Jet (now a part of Walmart), Lacoste, Luxottica, Stance, Tous and Wayfair, by allowing them to fulfill more legitimate orders while improving the customer experience.
As digital transformation races forward, large omnichannel retailers are concluding that innovative fraud protection is a key to building a best-in-class customer experience. Four in 10 enterprise retailers, for instance, say that providing buy-online-pick-up-in-store services increase their vulnerability to fraud, according to a Signifyd survey of major retailers. Through the guaranteed fraud protection model, Signifyd has provided the answer for retailers struggling with the security vs. experience conundrum.
By tackling fraud protection for merchants, Signifyd is able to reduce the cost of chargebacks and fraud, increase revenue by shipping orders that previously would have been declined and cut operational expenses by introducing smart automation to the order and review process. In fact, Forrester determined that Signifyd provided a return on investment of 3.8 times over three years in the case of a major retailer in its June 2017 “Total Economic Impact of Guaranteed Fraud Protection.”
Today’s news follows a few years of tremendous growth and momentum that have helped solidify Signifyd as the largest guaranteed fraud protection provider for e-commerce businesses. Signifyd’s Series D round follows its $56 million series C in May 2017. The company also doubled its number of protected merchants to more than 10,000 and released its first Ecommerce Fraud Index. With the growth in European customers and its partnership with Magento, Signifyd also opened its first European office in Barcelona, Spain in April.
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