Cyota closes $8 million funding round

Cyota closes $8 million funding round

New York-based payment security firm Cyota has closed an $8 million round of private financing led by RRE Ventures, a financial services fund founded by Jim Robinson, former chairman and CEO of American Express and director of First Data Corporation.

Cyota says it will use the funding to continue to expand in the Verified by Visa and MasterCard SecureCode markets, and to develop new products and technologies.

RRE's Robinson notes: "The 3D Secure global market is really gaining momentum, with six of the world's top 10 issuers already initiating programmes, five of which have selected Cyota as their provider."

Cyota says its technology provides the backbone for 80% of the Verified by Visa eligible cards in the US.

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