{"id":340107,"date":"2017-05-05T02:31:35","date_gmt":"2017-05-04T18:31:35","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1485324"},"modified":"2017-05-05T02:31:35","modified_gmt":"2017-05-04T18:31:35","slug":"signifyd-raises-56-million-for-e-commerce-fraud-protection","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/signifyd-raises-56-million-for-e-commerce-fraud-protection\/","title":{"rendered":"Signifyd raises $56 million for e-commerce fraud protection"},"content":{"rendered":"

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E-commerce fraud is a growing problem, but Signifyd thinks it has a solution to save businesses money.<\/p>\n

Their company is\u00a0growing fast and has closed a $56 million Series C investment led by Bain Capital Ventures. Menlo Ventures and American Express also participated in the round.<\/p>\n

Signifyd counts big clients like Jet.com, Peet\u2019s Coffee and Lacoste, where it uses its pattern recognition technology to warn them upfront about\u00a0potential fraudulent charges. Signifyd is so confident in its assessments that it offers the companies a guarantee, so they don\u2019t have to pay for errors.<\/p>\n

The product \u201cprotects the merchants so they don\u2019t have to bear the liability,\u201d said co-founder and CEO Rajesh Ramanand. The team has been developing a \u201cmachine learning platform that makes these decision in real-time.\u201d<\/span><\/p>\n

E-commerce brands spend a lot of money paying back credit card companies after\u00a0processing transactions that are\u00a0criminal. 5000 businesses are now paying for Signifyd\u2019s technology because its early warning system eliminates\u00a0these frustrating reimbursement costs, known as \u201cchargebacks.\u201d<\/p>\n

Indy Guha, partner at Bain Capital Ventures\u00a0said he invested in the company because his research shows that \u201cfraud is growing faster than overall e-commerce growth.\u201d He feels that \u201cSignifyd is a really easy piece of insurance to turn on.\u201d<\/span><\/p>\n

Investors have been throwing a lot of money at Signifyd. In addition to the latest sizable round, Signifyd raised two rounds last year, totaling $39 million.<\/p>\n

Ramarand says they are going to use the\u00a0money to double their engineering headcount and continue to improve their machine learning platform. They also want to expand internationally, particularly in Europe and Australia.<\/p>\n

The company has about 130 employees and is based in San Jose, California.<\/p>\n

Featured Image: Bryce Durbin\/TechCrunch<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

\"\" E-commerce fraud is a growing problem, but Signifyd thinks it has a solution to save businesses money. Their company is growing fast and has closed a $56 million Series C investment led by Bain Capital Ventures. Menlo Ventures and American Express also participated in the round. Signifyd counts big clients like Jet.com, Peet’s Coffee and Lacoste, where it uses its pattern… Read More<\/a><\/p>\n

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