FiVerity, a Boston, MA-based cyber fraud detection company that provides an anti-fraud collaboration platform, announced that it raised a $4 million seed financing round.
The round was led by Mendon Venture Partners, with participation from FinCapital, Mendoza Ventures, Service Provider Capital, and Grasshopper Bank.
With this investment, FiVerity will expand its network of information providers and data, while introducing advanced machine-learning algorithms.
“Fraudsters have become increasingly innovative, turning to new AI and automation techniques to successfully deceive financial institutions into granting loans, opening accounts, and approving transactions,” said Greg Woolf, CEO of FiVerity. “This latest investment provides the additional resources needed to expand our offerings with new real-time collaboration and information capabilities that allow financial institutions to take a proactive approach to fraud detection - identifying fraudulent activity before it impacts their business, like an ‘antivirus for fraud’.”
FiVerity has worked closely with financial institutions, regulators, and organizations such as the U.S. Federal Reserve and FinCEN throughout the development of its innovative anti-fraud collaboration platform to better understand the needs of the industry and ensure they can be addressed through its solution.
FiVerity’s mission is to fight fraud with the power of collaboration. As part of the investment, John Clausen, a Partner at Mendon Venture Partners, veteran financial services investor, and former N.Y. Federal Reserve Bank regulator, will join FiVerity's board of directors.
Company: FiVerity, Inc.
Raised: $4.0M
Round: Seed Round
Funding Month: April 2023
Lead Investors: Mendon Venture Partners
Additional Investors: FinCapital, Mendoza Ventures, Service Provider Capital, and Grasshopper Bank
Company Website: https://www.fiverity.com/
Software Category: Security Software
About the Company: FiVerity is a cyber fraud detection company that utilizes machine learning and secure identity management to prevent sophisticated forms of cyber fraud. The FiVerity anti-fraud collaboration platform enables real-time information sharing among financial institutions, data providers, and anti-fraud solutions through the anonymized exchange of fraud intelligence. FiVerity accelerates the detection and prevention of both known and unknown fraud, delivering proactive alerts, transparent risk scoring, and automated fraud classification. Government regulators have recognized FiVerity's unique approach to fighting fraud for its effectiveness and impact in reducing industry-wide fraud. FiVerity led a team in the 2022 FDCI/FinCEN Tech Sprint that was recognized as the top solution for effectiveness and impact in digital identity proofing for remote customers.
Source: https://www.prweb.com/releases/2023/04/prweb19290240.htm