Ides Technologies, an innovative Belgian start-up providing superior fraud detection solution to the financial sector, announced today the closing of the Series A funding partnering with Newion Investments II.
IDES Technologies has transposed a successful technology used in the medical sector, delivering fraud detection solutions to the financial sector. In first instance focusing on payment and card transactions, IDES Technologies intends to deliver solutions to the finance, insurance, and telecom sectors for areas such as account application or transaction scoring, for face-to-face as well as virtual or mobile channels, and for different types of transactions.
IDES developed eyeDES - an innovative card fraud detection and prevention technology. Based on advanced statistical pattern recognition methodologies successfully tested in the medical sector, eyeDES technology helps financial institutions to reduce fraud loss, protect their brand and minimize card holders churn.
"Fraud in card payments and e-commerce remains a priority concern for banks, payment schemes, regulators, consumers and retailers. By closing of the Series A round and joining forces with Newion Investments, IDES Technologies gained a partner who is financially strong and in addition brings in professional expertise in leading start-up companies into a successful business development. IDES Technologies can now focus on its go to market strategy, by offering a superior new solution to the financial sector", said Leon Dhaene, Chairman of the Board of IDES Technologies.
Cristina Soviany, CEO of IDES Technologies, added "Plan is to bring to the market our scoring engine for real time scoring of credit card transactions. Objective is to deliver a flexible and easy to operate solution, embedded in the authorization system of our clients. Our eyeDES scoring solutions can work standalone or in parallel with existing solutions, delivering immediate added value to our clients without major disruption in their current environment."
"We expect that fraud with regards to credit card and mobile payments continues to increase dramatically. IDES Technologies offers a superior and fasterfaster detection of fraud cases resulting in damage reduction for their clients. We expect IDES to make a quick and healthy growth, therefore matching our criteria for our Newion II. We are excited to be part of this ambitious and promising team" Patrick Polak, Managing Partner of Newion Investments Management adds.