In release issued May 30, 2018, the list of companies in the second
sentence of second paragraph has been revised.
The corrected release reads:
SIGNIFYD SECURES $100M IN SERIES D FUNDING, OPENS FIRST INTERNATIONAL
OFFICE IN BARCELONA TO SCALE THE EUROPEAN MARKET
Signifyd, the world’s largest provider of guaranteed fraud protection
for e-commerce businesses, today announced it has secured $100 million
in a Series D round led by Premji Invest, with participation from
existing investors Bain Capital Ventures, Menlo Ventures, American
Express Ventures, IA Ventures, Allegis Cyber and Resolute Ventures. The
new funding will allow Signifyd to further accelerate its growth with
global enterprise and omnichannel retailers to provide friction-free
e-commerce to their customers.
Signifyd pioneered guaranteed
fraud protection that combines machine learning algorithms,
proprietary behavior technology and advanced data science research to
help identify fraudulent orders for more than 10,000 retailers globally.
This network of shared intelligence helps enable global e-commerce for
some of the world’s largest brands, such as Build.com, Helly Hansen,
iRobot, Jet (now a part of Walmart), Lacoste, Stance, Tous and Wayfair,
by allowing them to fulfill more legitimate orders while improving the
customer experience.
“Premji invests in private companies with all the necessary ingredients
to become thriving stand-alone public companies,” said Sandesh Patnam,
lead partner at Premji Invest in the U.S., with investments in companies
such as Coupa, Zuora, Apptus, Flipkart, Fab India, Lenskart, Anaplan,
Yapstone and Datastax among others. “We are impressed with the velocity
of Signifyd’s growth, the breadth of its customers and partners, the
culture that Raj and his team have built and the company’s vision for
the future. More than that, it comes down to the high quality of
Signifyd’s innovation and technology. It couldn’t be clearer that
guaranteed fraud protection is reaching mainstream adoption, and
Signifyd is leading this space.”
As digital transformation races forward, large omnichannel retailers are
concluding that innovative fraud protection is a key to building a
best-in-class customer experience. Four in 10 enterprise retailers, for
instance, say that providing buy-online-pick-up-in-store services
increase their vulnerability to fraud, according to a Signifyd
survey of major retailers. Through the guaranteed fraud protection
model, Signifyd has provided the answer for retailers struggling with
the security vs. experience conundrum.
“The fraud detection and prevention market is estimated to reach nearly
$42 billion by 2022,” Signifyd CEO and co-founder Raj Ramanand said.
“However, while fraud remains a serious concern, transactions wrongly
declined due to suspected fraud represents a bigger problem of more than
$150 billion a year. A wrong decline can push consumers to abandon the
merchant and thereby erode customer lifetime value. With this funding,
we’re looking to continue to enable friction-free e-commerce for
enterprise and omnichannel retailers globally.”
By tackling fraud protection for merchants, Signifyd is able to reduce
the cost of chargebacks and fraud, increase revenue by shipping orders
that previously would have been declined and cut operational expenses by
introducing smart automation to the order and review process. In fact,
Forrester determined that Signifyd provided a return on investment of 3.8
times over three years in the case of a major retailer in its June
2017 “Total Economic Impact of Guaranteed Fraud Protection.”
Today’s news follows a few years of tremendous growth and momentum that
have helped solidify Signifyd as the largest guaranteed fraud protection
provider for e-commerce businesses. Signifyd’s Series D round follows
its $56
million series C in May 2017. The company also doubled its number of
protected merchants to more than 10,000 and released its first Ecommerce
Fraud Index. With the growth in European
customers and its partnership with Magento, Signifyd also opened its
first European office in Barcelona, Spain in April.
The company was named a Cool
Vendor in Gartner’s 2017 “Security for Midsize Enterprises” report
and within the past two years formed partnerships with Salesforce
Commerce Cloud, Magento,
BigCommerce,
Accertify
and ThreatMetrix.
Besides being named to the Forbes FinTech 50 and included among
Bloomberg’s 50 Most Promising Startups, Signifyd has been listed as
having a Top Company Culture by Entrepreneur. The company was also
recently named to Inc. Magazine’s Best
Workplaces for 2018 and recognized by the San Francisco Business
Times and Silicon Valley Business Journal as one of the Bay
Area’s Best Places to Work.
Original
source
About Signifyd
Signifyd, the world’s largest provider of guaranteed fraud protection,
is enabling retailers to provide friction-free buying experiences for
their customers. Signifyd leverages big data, machine-learning and
expert manual reviews to provide a 100 percent financial guarantee
against fraud on approved orders that turn out to be fraudulent. This
effectively shifts the liability for fraud away from e-commerce
merchants, allowing them to increase sales and open new markets while
reducing risk. Signifyd is in use by multiple companies on the Fortune
1000 and Internet Retailer Top 500 lists. Signifyd is headquartered in
Silicon Valley, CA.
About Premji Invest
Premji Invest is the investing arm of Azim Premji, Chairman of Wipro.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180530005464/en/