Israeli mobile security behavioral biometrics startup SecuredTouch today announced the completion of a $8 million Series A financing round led by German financing company Arvato Financial Solutions and with the participation of RDC (jointly owned by Elron Electronic Industries Ltd. (TASE: ELRN) and Rafael Advanced Defense Systems Ltd.) and other investors.
In addition to the investment, the two companies will collaborate with SecureTouch's behavioral biometrics technology integrated into Arvato's fraud identification platform.
SecuredTouch is one of the pioneers in the field of digital fraud prevention which has focussed on mobile applications and thus gained a leading role in the industry worldwide. Based in Tel Aviv, CEO Yair Finzi and chief product officer Ran Shulkind founded SecuredTouch in 2014. The company graduated from the Upwest Labs accelerator in Silicon Valley.
Finzi said, "Our solutions are designed and built to ensure that legitimate transactions are recognized quickly as such and can be conducted smoothly. The aim is to ensure a secure, fast and convenient customer experience in mobile transactions, on a sustained basis."
He added, "The investment will allow us to expand our business operations worldwide, enlarge our R&D team and deepen the capabilities of our digital platform in Europe and other markets worldwide.
This is Arvato's first investment in Israel. Robert Holm, Arvato SVP Fraud Management Robert Holm said, “Investing in SecuredTouch allows us to partner with a global leader in behavioral biometrics for mobile devices, and to reinforce our online security and fraud prevention services in the best possible manner.”
Finzi said, “We see a clear synergy between the offerings and strategies of Arvato Financial Solutions and SecuredTouch. We have created a partnership that will enable SecuredTouch to expand its international presence and enhance its positioning in the areas of fraud and authentication. Arvato Financial Solutions with its international expertise in risk and fraud management is an ideal investor and partner for this purpose.”
Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2018
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