Trustmi, a Tel Aviv, Israel-based cybersecurity fintech company, raised $17 million in Series A funding, bringing its total raised to $21 million.
The round was led by Zeev Ventures, with participation from Cyberstarts. The funding will allow Trustmi to expand its enterprise customer portfolio and protect business payments at scale.
Trustmi offers an end-to-end payment security solution that helps businesses protect their bottom line by eliminating losses from cyberattacks, internal collusion, and human error and ensuring payments go to the right place.
The company also announced the launch of its business payments security platform. Trustmi takes a holistic approach to overcome the fragmentation of payment processes by providing a flexible solution that seamlessly integrates into existing organizational workflows.
Shai Gabay, Co-founder and CEO of Trustmi said, "We’re not just a platform, we’re your partner for winning, and gaining the trust of businesses is in our DNA. Our ambition as a company is to take the lead and redefine the global security market, leveraging our full potential to address this critical challenge. Today, we are actively saving our clients millions of dollars by preventing financial losses and optimizing money transfer processes."
Trustmi also utilizes a unique Trust Network that unites powerful crowd-sourced data from thousands of vendors and businesses, further uncovering vulnerabilities and detecting suspicious signals to maximize protection for business payments.
Company: Trustmi Network Ltd.
Raised: $17.0M
Round: Series A
Funding Month: July 2023
Lead Investors: Zeev Ventures
Additional Investors: Cyberstarts
Company Website: https://www.trustmi.ai/
Software Category: Payment Security Solution
About the Company: Founded in 2021 by Shai Gabay and Eli Ben-Nun, Trustmi provides a software-as-a-service (SaaS) platform to eliminate the risk of B2B fraud. Its platform uses a combination of traditional cybersecurity and machine learning to equip accounting, treasury, and security teams with a counter-weapon against financial fraud. It assesses the safety of financial transactions, warns against suspected fraud, and identifies potential flaws in the process that may result from human error. The platform offers businesses optimal protection to avoid significant financial losses by connecting all the data across the payment process to detect and eliminate future fraud and errors.
Source: https://en.globes.co.il/en/article-israeli-cybersecurity-fintech-co-trustmi-rises-17m-1001453457