InAuth, a provider of mobile fraud prevention and mobile application security, has raised more-than $29.9m in funding.
The company has collected the capital from 24 unnamed investors according to a filing with the US Securities and Exchange Commission. Last year, the firm raised $20m in Series A funding round led by Bain Capital Ventures; however, it is unclear if the latest filing is part of the Series A round.
Founed in 2011, InAuth helps businesses limit risk, reduce fraud, and enhance authentication within their fastest-growing channels. The company’s mission is to make device interaction a more protected, less costly channel. Its customers include large global banks, payment processors, ecommerce merchants, and health insurance companies.
Following its investment, Bain Capital Ventures’ managing director Ben Nye will join the InAuth board.
Nye said, “We are impressed with InAuth’s blue-chip client list, as well as their advanced technologies. Fraud on mobile is 70% higher than on the desktop, and we read on a weekly basis about new cybersecurity threats. Businesses must protect their users as mobile becomes the preferred customer touch-point. The InAuth team is paranoid about mobile security, so that their customers don’t have to be.”
Bain Capital Ventures invests from seed-stage through growth equity in companies focused on ’revolutionary technology’ with a deep focus in infrastructure software and security analytics.
Last year, the global RegTech sector received more than $582m in investment according to data by FinTech global. Out of the total, $289.9m was invested in the businesses providing solutions to anti-fraud according to the data.
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