Capital Confirmation collects $60m for online audit services


Capital Confirmation, a Nashville-based provider of online audit confirmation services, has raised $60m.

The company has collected the capital from 17 undisclosed investors according to a filing with the US Securities and Exchange Commission.

To reduce fraud and bring efficiency to the 90-year-old paper-based audit confirmation process, Confirmation provides the ‘first ever online audit confirmation service’. Auditors and accounting firm use its platform to better manage every aspect of the audit confirmation process, including sending and responding to audit requests in a fraction of the time it would normally take.

The company uses an authentication and authorization process, in conjunction with it web-based solution, to verify the authenticity of each user. The process involves making sure the responding entity is the proper source and that the person set up to respond is authorized to do so.

Capital Confirmation’s funding represents the second largest investment for an anti-fraud business this year, with Pindrop previously raising $75m in January.

The company uses audio analysis to provide anti-fraud and authentication technology solutions. It protects the phone calls of three of the four largest banks in the US as well as many top insurance companies, government agencies, and retailers.

Earlier this month, ThreatMetrix raised $30m in what it describes as a mezzanine growth capital round. The funding comes from existing backer Silicon Valley Bank. ThreatMatrix offers online identity and transaction authentication and claims to annually verify more than $20bn transaction for 4,000 clients across 30,000 websites.

Copyright © 2016 FINTECH GLOBAL

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