Israeli cybersecurity fintech company Trustmi has come out of stealth and announced the completion of a $17 million Series A financing round led by Zeev Ventures with participation from Cyberstarts. The company has raised $21 million since it was founded in 2021 by CEO Shai Gabay and CTO Eli Ben-Nun. The funding will allow Trustmi to expand its enterprise customer portfolio and protect business payments at scale.
The company also today announced the launch of its business payments security platform. Trustmi offers an end-to-end solution that helps businesses protect their payments by eliminating losses from cyberattacks, internal collusion, and human error, ensuring payments go to the right place.
Trustmi takes a holistic approach to overcome the fragmentation of payment processes by providing a flexible solution that seamlessly integrates into existing organizational workflows. The platform offers businesses optimal protection to avoid significant financial losses by connecting all the data across the payment process to detect and eliminate future fraud and errors. Trustmi also utilizes a unique Trust Network that unites powerful crowd-sourced data from thousands of vendors and businesses, further uncovering vulnerabilities and detecting suspicious signals to maximize protection for business payments.
Gabay said, "We’re not just a platform, we’re your partner for winning, and gaining the trust of businesses is in our DNA. Our ambition as a company is to take the lead and redefine the global security market, leveraging our full potential to address this critical challenge. Today, we are actively saving our clients millions of dollars by preventing financial losses and optimizing money transfer processes."
Ben-Nun added, "We know that safeguarding business payments is not a one-size-fits-all approach. At Trustmi, we don’t impose changes on your payment process - we enhance it. Our core mission is to empower businesses to effortlessly secure their vendor payments without disrupting their workflows."
Published by Globes, Israel business news - en.globes.co.il - on July 26, 2023.
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