FraudSciences, the leader in guaranteed online credit card-not-present fraud detection and protection, today announced it has closed its Series B round of venture funding totaling $11 million.
Leading the investment round is Redpoint Ventures (Menlo Park, CA), with BRM Capital (Tel Aviv, Israel) continuing its funding support for FraudSciences, as well. This latest capital infusion will provide FraudSciences with the financial resources required for late stage development and rapid, ubiquitous deployment of its fraud analytics and transaction verification managed service that guarantees merchant revenue against fraud losses.
"We were attracted to FraudSciences because of its exceptional management team, robust technology platform, business model and strategic vision," said Jeff Brody of Redpoint Ventures. "With an aggressive go-to-market strategy already in motion, FraudSciences represents the type of technology company that will enable all levels of online merchants to confidently expand their markets and continue to grab retail market share."
FraudSciences offers e-merchants managed fraud analytics technology with a full order value guarantee against all fraud-related charge backs. The technology has been thoroughly tested in over 150,000 online transactions with 99.99 percent performance accuracy, and less than 0.01 percent of transactions approved incur any fraud-related charge back fees. FraudSciences enables more online buyers to pay by credit card by verifying their identity faster and with more accuracy, thereby saving merchants from early customer abandonment and saving customers from the insult of invalid order rejection.
"FraudSciences represents an opportunity to expand both the markets served and payment options offered by online merchants," said Eli Barkat of BRM Capital. "Online merchants seeking to recognize new revenue streams through aggressive market expansion are now able to move confidently to provide customers with credible assurances that the Internet is a secure marketplace for shopping. FraudSciences is building a strategy that spells success for everyone involved, including merchants, payment processors and consumers, which is why we are so pleased to be an investor in the company. This technology has legs that can be built on for many security applications."
"This new round of funding will enable us to leverage a new technology together with an existing ecosystem to rapidly enable our merchant customers to boldly enter new markets, without fear of fraud," said Gadi Maier, CEO and President of FraudSciences. "Having top tier investors validates the significance of our vision."