US-based fraud protection platform Signifyd has raised $56m in a series C round featuring American Express Ventures, the strategic investment vehicle for payment services firm American Express.
Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, led the round, which also featured VC firm Menlo Ventures.
Signifyd provides a fraud protection service to e-commerce merchants that combines machine learning technology and human know-how to guarantee protection against fraud and chargebacks for every approved order they process.
The series C funding will be used to grow Signifyd’s engineering and fraud expert teams and expand the company’s service offering.
Rajesh Ramanand, co-founder and CEO of Signifyd, said: “E-commerce is fiercely competitive and we see a whole new wave of competition arriving in the form of brick-and-mortar retailers shifting their focus online.
“In this environment, merchants are seeking a fully predictable cost for fraud that can eliminate liability and free up internal resources to focus on growth, customer service along with product and service innovation.”
Signifyd has now raised approximately $99m altogether. The series C round comes after a $19m bridge round in September 2016 that included American Express Ventures, Menlo Ventures and TriplePoint Capital.
Menlo Ventures had led Signifyd’s $20m series B round in seven months earlier, investing together with Allegis Capital, IA Ventures, QED Investors and angel investors Bill McKiernan and Tim Eades.