American Express Ventures, the corporate venturing arm of payment services firm American Express, participated in a $100m series D round for US-based fraud protection platform Signifyd yesterday.
The round was led by investment firm Premji Invest and also featured Bain Capital Ventures, Menlo Ventures, IA Ventures, Allegis Cyber and Resolute Ventures. It valued Signifyd at about $400m, a person with knowledge of the deal told Bloomberg.
Signifyd has developed software that uses machine learning algorithms, behavioural technology and data science to protect e-commerce and retail businesses from fraud and chargebacks, while reducing the amount of wrongfully declined cards.
The funding will enable Signifyd to accelerate its expansion plans. It has increased its client base to more than 10,000 retailers and it opened a European office in Spain last month.
The company has raised almost $200m to date, most recently securing $56m in a May 2017 series C round led by Bain Capital Ventures that also featured American Express Ventures and Menlo Ventures.
American Express Ventures had already taken part in a $19m bridge round for Signifyd in 2016 alongside Menlo Ventures and TriplePoint Capital. Signifyd’s shareholders also include QED Investors and angel investors Bill McKiernan and Tim Eades.