CashShield, an online fraud management solution for mid- to large-sized enterprises, announced Tuesday (June 26) it raised $20 million via a round of fundraising.
According to a press release, CashShield said the Series B funding round was led by Temasek and GGV Capital. Other investors in the round include Tony Fadell, Wavemaker Partners and Tao Zhang. With the latest round of fundraising, CashShield has raised $25.5 million. In the latest round, early investors Tony Fadell, principal at Future Shape, and GGV Capital are increasing their stake in the company. Temasek is a first-time investor, noted the company.
Justin Lie, CEO and founder of CashShield, said in the press release, "The ability to use first-rate technology to solve fraud woes creatively has unlocked tremendous value for enterprises, allowing CashShield to be profitable since the beginning. Investors, too, see the value, and are supporting us in our fight against the online fraud boom."
Using artificial intelligence (AI), CashShield secures transactions and consumer accounts from cybercriminals without the need for human intervention. According to CashShield, online accounts have increased with the value skyrocketing. These online accounts, said CashShield, can be sold on the dark web for 60 times more than a credit card number. The company's technology protects consumers' data in a way that it can't be used once stolen. Since launching in the United States a year ago, CashShield said it has gained significant traction in the market.
"CashShield secures more than $5 billion worth of transactions per year and over 10 million user accounts. It has an army of AI sentries guarding businesses and protecting their customer information. There's nothing else like it on the market," said Fadell. CashShield said the funding will be used to enhance its fraud technology and provide more fraud screening abilities for businesses, financial institutions and government organizations.