21 October 2014

Zumigo closes $6m series b funding round

22 August 2014  |  1586 views  |  0 Source: Zumigo

Zumigo Corporation, a leader in mobile device location and identity verification, today announced it has closed $6 million in Series B financing led by new investor Intel Capital. Existing investors including Aligned Partners also participated in the round.

The funding will be used to expand business operations as the company accelerates new product development and customer rollouts to meet growing global demand, including investments in sales and marketing.

"In an increasingly connected world, mobile, cloud, security, location and commerce are fundamental to any services strategy," said Hank Skorny, Vice President and General Manager of Intel Services. "With their best-in-class commerce fraud solution, we see Zumigo as a leader in this space."

With the rampant growth of mobile usage, the industry is seeing growing adoption of mobile networks and applications to secure and enable commerce, whether conducted in physical stores, on tablets and laptops, or on mobile phones. Zumigo has been working with major financial institutions globally to enable and secure payment transactions and help retailers and consumers prevent fraud. Today's announcement follows this week's news that Wells Fargo has also invested in Zumigo, and Zumigo is one of the inaugural members of the Wells Fargo Startup Accelerator, a new program for innovators whose technology ideas in payments, deposits, fraud, operations and other fields could shape future customer experiences in financial services.

"We are seeing a plethora of new security, financial and other applications that will utilize Zumigo's products," said Zumigo Founder and CEO Chirag Bakshi. "This new financing validates our direction and success, and will accelerate growth in our core business of providing mobile location and identity products to financial organizations and enterprises alike."

Zumigo uniquely authorizes transactions through customer location and identifies the right customer with the right device, using location and network data across all global networks and mobile devices. Since financial institutions have limited tools to mitigate events such as the recent high-profile breaches reported by several retailers, Zumigo is in demand to provide security solutions for such events. Zumigo also enables companies to target customers with special offers using geo-location, all with no downloads required on users' mobile devices. 

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