Israel-based online financial data provider EverCompliant has rebranded to EverC and secured $35m in a series B round featuring American Express Ventures, the strategic investment arm of payment services firm American Express.
The round was led by venture capital firm Red Dot Capital Partners and was also backed by Maor Investments, Viola Ventures, Arbor Ventures and Joey Low, founder of incubator Star Farm Ventures.
EverC has built a cloud-based platform that provides online financial data intelligence to counter fraudulent activity such as money laundering or fraudulent e-commerce transactions.
The product is used by banks, credit card issuers and payment processors and facilitators in addition to online marketplaces.
The company raised $3.5m from investors including Viola Ventures (then Carmel Ventures), Nyca Partners and existing backer Joey Low in 2015. The capital was funnelled into a series A round led by Arbor Ventures that closed at $9.5m the following year.
American Express Ventures subsequently made a strategic investment of undisclosed size in EverC in March 2018.
Ron Teicher, co-founder and chief executive of EverC, said: “Many types of serious criminal activities are trying to hide behind legitimate-looking facades that are very difficult to track and unmask, digital technology has made it easier for potential fraudsters to hide in plain sight.
“We believe that light is the best disinfectant and transparency and visibility are critical in doing business in the digital age. EverC aspires to be a source of confidence for organisations who facilitate payments online, providing them the tools, data and insights needed to navigate risk and capitalise on new opportunities.”
