Alternative Finances

SaaS Provider Raises $8 Million To Expand E-Commerce Presence

Profitero, a SaaS provider, announced this week that it had raised $8 million in funding from the U.S. venture capital firm Polaris Partners. According to a release on the company blog, the money will help Profitero expand its presence in North America and abroad.

The organization also announced that it had named the former CEO of MarkMonitor, Irfan Salim, to its Board of Directors.

Profitero co-founder and CEO Vol Pigrukh said in the release that the partnership with Polaris is exciting and Profitero is looking forward to continue growing by 300 percent year-on-year.

The Profitero statement explained that e-commerce is the fastest-growing channel fro many global brands. Additionally, revenues are typically increasing by more than 30 percent year-on-year. Because of that, e-commerce is the most significant cahnnel for global consumer brands.

Polaris venture partner Noel Ruane said that Profitero’s technology and easy-to-use web interface gives brands and retailers immediate value.

“Profitero has many unfair advantages over its competition, not least of which is its web data collection and product matching capabilities which are easily scalable to all product categories and applicable for all geographies and languages,” Ruane said in the press release.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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