NetGuardians closes CHF8.5 million funding round; plans to double headcount
30 May 2017 | 3418 views | 0
NetGuardians SA, Switzerland’s leading FinTech in fraud prevention and risk mitigation, announced today a Series C investment of CHF 8.5 million. The investors in this Series C Funding are Swisscom Ventures and Freemont Management.
The financing will be used to fund NetGuardians’ continued global expansion and for further investment in its proprietary behavioral software platform as the demand for effective financial crime prevention grows worldwide.
“With rising cyber fraud incidences, every financial institution must have a proactive fraud prevention strategy to protect its operations and clients,” said Raffael Maio, NetGuardians COO. “NetGuardians helps financial institutions to prevent fraud before it happens and increase operational efficiency. We are in an attractive market, and this additional funding will help us quickly expand our international sales and marketing.”
NetGuardians’ technology is distinguished by its Big Data technology that correlates and analyzes behaviors across the entire bank system for risk modelling. The company recently launched a joint research project with the Swiss School of Engineering and Management Vaud (HEIG-VD) to further develop NetGuardians’ machine learning and artificial intelligence capabilities to help banks achieve their ultimate goals - an exceptional customer experience, more efficient operations, prevention of emerging risks and lower costs.
Andreas Pages, Business Unit FinTech at Swisscom, said: "Financial institutions have realized the need to support their risk mitigation efforts with an agile and compelling software solution to meet their evergrowing challenges. Hence it is great to see how NetGuardians do collaborate with Swiss and international banks in order to constantly improve the solution. We are teaming up with a market leader like NetGuardians because their highly innovative technology is changing the way to fight financial crime.”
NetGuardian’s Raffael Maio said: “This collaboration with Swisscom represents recognition from a leader in the Swiss market. We are thrilled that they are recognizing our success and our potential. The investment will help us double the headcount in the coming 18 months.”
The past 18 months, NetGuardians has acquired 20 new clients worldwide, opened new offices and recruited local teams in Singapore and in Kenya, and doubled its number of employees to 40. NetGuardians’ behavioral analysis software solution is trusted by financial institutions in 14 countries in Europe, the Middle East, Africa, and Asia.