US-based fraud protection technology provider Signifyd has picked up $19m in funding from investors including American Express Ventures, the corporate venturing subsidiary of payment processing firm American Express.
Venture capital firm Menlo Ventures and growth capital firm TriplePoint Capital also contributed to the round, which increased Sygnifyd’s total funding to more than $50m.
Founded in 2011, Signifyd has created a machine learning platform to protect online retailers from fraud through chargebacks. The company guarantees 100% efficiency and promises to cover costs arising from fraud not caught by its technology.
The money will go towards the scaling of Signifyd’s infrastructure and further technology development.
Signifyd previously raised $20m in a February 2016 series B round led by Menlo Ventures that included Allegis Capital, IA Ventures, QED Investors and angel investors Bill McKiernan and Tim Eades.
Allegis, IA, QED, Lucas Venture Group and Tekton Venture had already provided $7m in series A capital in June 2015.
Signifyd closed a $4.2m seed round in 2014, according to a regulatory filing, with an initial $2m tranche secured in 2012 from Andreessen Horowitz, Data Collective, IA, QED. Resolute.VC, Tekton and assorted angel investors.
Rohit Bodas, partner at American Express Ventures, said: “Merchants of all sizes have a growing need for fraud-management solutions as more consumers shop online.
“By leveraging machine learning and providing a 100% guarantee, Signifyd is making it possible for even the smallest merchants to combat fraud and achieve measurable cost savings in the process.”