May 28, 2015
Tel-Aviv based EverCompliant, a provider of cyber risk intelligence and merchant fraud detection solutions, today announced that they have raised a $3.5 million Series A funding round. The round was led by Carmel Ventures, Nyca Partners, and an existing EverCompliant investor Joey Low from Star Farm Ventures.
According to the team, the funds will be used explicitly to further develop their product suite, MerchantView, and accelerate their global expansion.
“With a huge and growing market of small and micro merchants, and a growing number of fraudsters and criminals in the online world, Evercompliant’s product suite is crucial to enable global eCommerce,” says Avi Zeevi, General Partner and cofounder at Carmel Ventures.
EverCompliant provides cyber intelligence that allows acquiring banks and payment service providers (PSPs) to manage merchant-based fraud and cyber risk. Their focus is, and will remain, to provide a range of solutions that give necessary relevant information to check ongoing and newly boarded merchants.
Ron Teicher, CTO of EverCompliant, tells us that acquiring banks and PSPs are struggling to identify the fraudulent illegal online activity that is being funneled through presumably legitimate merchants. To that end EverCompliant’s solution instantly uncovers hidden fraudulent and suspicious ecommerce activity that might create financial liability and risk.
“Cyber criminals are becoming more sophisticated in the way they hide illegal business,” says Hans Morris, Managing Partner of Nyca Partners. “EverCompliant’s technology is perfectly positioned to help proactively identify fraudulent and illegal activity, which is hidden through presumably legitimate merchants, and eliminate it from the system.”
While using EverCompliant’s technology, acquirers and PSPs can dramatically reduce the time and money spent on the underwriting process and reach a conclusive business decision efficiently. The platform has also been validated, tested, and adopted by large financial institutions and PSPs in the US, Israel, and Europe already.
“Fraud is constantly evolving and the current controls and solutions used to mitigate merchant risk are no longer effective at detecting new and sophisticated merchant fraud activity,” says Teicher. “This investment allows us to continue to deliver leading technology and service to our customers and help them stay ahead of the fraudsters while expanding globally.”
Image Credit: EverCompliant home page
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