Fraud-Prevention Start-up Signifyd gets Ajim Premji Support
Leading Indian entrepreneur, Ajim Premji, backs up US based fraud-prevention start-up Signifyd with a leading round of $100 million. The investment wing of the Indian tech titan, Premji Invest, led the deal with this sever-year-old company for $400 million. This cash infusion by the company is in line with other similar investments made like in the business software company Apttus Corp and Anaplan Inc.
This interest in the Signifyd marks a major deflection point for the company which is helping online sites and ecommerce players to prevent their site from fraud and in reducing their legitimate transaction that are abruptly declined. The company specializes in identifying fraudulent online transactions through development of software. It is planning to increase its staff strength to 320 and open an office in Barcelona.
The software produced by Signifyd enables easy pulling of data like the time span for which an email was in use, number of social media contacts of a customer, and the device being used. These data are then analysed to find out the number of shysters or green light ones that do not fit a standard profile. After complete analysis, these software gives an approval to go ahead with the transaction. This is equally beneficial for the customers and the sellers.
According to Premji Invest, the next big thing that needs to be done is by the sales team. The company needs to put the best of efforts to promote its product and generate awareness in the industry about its software. Earlier also, Signifyd gained a funding of $87 million from investors like Bain Capital and Menlo Ventures.