EverCompliant, which provides cyber risk intelligence and merchant fraud detection solutions, announced today that it has raised $3.5 million in Series A financing. The financing was led by Carmel Ventures, Nyca Partners and existing EverCompliant investor Joey Low from Star Farm Ventures.
The company will use the funding to further develop its product suite, MerchantView, and accelerate its global expansion.
Acquiring banks, and payment service providers, (PSPs) are struggling to identify the fraudulent illegal online activity that is being funneled through presumably legitimate merchants. EverCompliant has solved this problem by creating an innovative solution that allows the payment industry to onboard, and continuously monitor any number of merchants and instantly uncover hidden fraudulent and suspicious e-commerce activity that may create financial liability and risk. 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 and accurately allowing them to grow their client base.
EverCompliant’s technology has been tested, validated and adopted by large-scale financial institutions and payment service providers in the US, Israel and Europe.
EverCompliant CEO Ron Teicher said, “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. 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.”
Carmel Ventures general partner and Co-founder Avi Zeevi said, "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."
Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2015
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