To help grow its engineering and fraud teams and build out its machine learning Guaranteed Fraud Protection enterprise offering, solutions provider Signifyd today announced its Series C round of $56 million in funding. The financing was led by Bain Capital Ventures with additional funds provided by Menlo Ventures, American Express Ventures and other investors.
With this new round of funding, Signifyd brings its total investments to $95 million since February 2016 and a gain of 5,000 new customers.
Newly appointed Signifyd board member, Indy Guha, commented on this round of funding and what it means for the company’s key stakeholders. He said “Signifyd is emblematic of the range of industries that can be reimagined with machine learning and AI. Raj and team have invented a new approach to fraud prevention, harnessing data from over 5,000 merchants to deliver a 6x ROI to their customers. Bain Capital Ventures has deep ties to the retail ecosystem through investments like Jet.com and our private equity arm owns retail brands like Michael Stores, BlueNile, Toys R’ Us and many others. Our belief in the Signifyd approach runs deep. Thanks to its unmatched machine learning technology, Signifyd will continue to scale and protect some of the largest online retailers.”