US-based fraud protection company Signifyd has received $100m in a Series D funding from Premji Invest to expand its offerings to omnichannel retailers.
Other companies that participated in this round include Bain Capital Ventures, Menlo Ventures, American Express Ventures, IA Ventures, Allegis Cyber, and Resolute Ventures.
Leveraging the investment, the company plans to accelerate its growth with enterprise and omnichannel retailers by offering friction-free e-commerce to their customers.
Premji Invest US lead partner Sandesh Patnam said: “We are impressed with the velocity of Signifyd’s growth, the breadth of its customers and partners, the culture that Raj and his team have built and the company’s vision for the future.
“More than that, it comes down to the high quality of Signifyd’s innovation and technology. It couldn’t be clearer that guaranteed fraud protection is reaching mainstream adoption, and Signifyd is leading this space.”
Signifyd offers fraud protection services by combining machine learning algorithms, behaviour technology and advanced data science research.
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The company helps more than 10,000 retailers across the world in identifying fraudulent orders and allows them to fulfil more legitimate orders.
Ecommerce companies currently using Signifyd’s fraud protection services include Build.com, Helly Hansen, iRobot, Lacoste, Luxottica, Stance, Tous, and Wayfair.
Commenting on the investment, Signifyd CEO and co-founder Raj Ramanand said: “With this funding, we’re looking to continue to enable friction-free e-commerce for enterprise and omnichannel retailers globally.”
The Series D round follows its $56m series C funding round in May last year.