Shield, the Israeli workplace intelligence platform for compliance firms, closed a $15 million Series A funding round, the company announced Thursday (Jan. 13).
Macquarie Capital and OurCrowd led the financing, with participation from Mindset Ventures.
The Tel Aviv-based firm said it will use the cash to expand its presence in the U.S. with the addition of a New York City office, while boosting its profile in Europe, the Middle East, Africa and the Asia Pacific.
In addition, Shield said the funding will be used to increase development of the company’s end-to-end communications compliance platform. The capital infusion comes at a time when the industry is seeking cloud-based solutions.
Shield’s artificial intelligence (AI) software allows financial institutions to detect fraud, analyze behavior, mitigate toxic workplaces and automate surveillance of employee communication channels.
“As a bootstrapped company, we’ve already proven that our AI platform is unquestionably valuable to banks and financial institutions,” said Shiran Weitzman, co-founder and CEO of Shield, in a statement.
In an interview with PYMNTS for the January issue of Digital Fraud Tracker®, Sezzle Co-founder and CEO Charlie Youakim explained how buy now, pay later (BNPL) providers must remain diligent with their fraud prevention practices.
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BNPL’s surging popularity makes it crucial for IT teams to prioritize fraud prevention and consider investing in advanced security tools. That’s especially true for merchants who enable BNPL options at checkout, as 65% of digital shoppers said they would end their relationships with retailers after only one instance of data theft or payment fraud.
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