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Fraud buster NetGuardians raises €15.8 million

Fraud buster NetGuardians raises €15.8 million

Swiss cyber-fraud protection company NetGuardians has raised €15.8 million from private banking client Pictet Group and investment firm ACE & Company.

The new capital, more than the double each of its previous rounds, comes at a time of soaring growth in social engineering scams, with many more people working from home and doing their banking online during the global pandemic.

NetGuardians provides AI-based fraud detection software capable of flagging fraudulent payments in real-time. The company, which counts 60 global banks among its client base, says it will use the fresh capital to strengthen its position in existing markets and further developing its software-as-a-service (SaaS) subscription model.

Peter Wintsch, CTO of Pictet Group, says: “As a NetGuardians client we can judge their fraud-mitigation software first-hand. In addition, it is clear that cyber-fraud challenges will continue to rise, and financial services firms will need access to first-class technology to protect their business."

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