Simility, a provider of fraud and risk prevention solutions provider, has closed a $17.5m Series B financing round.
The round was led by existing investor Accel Partners, along with participation from PayPal, The Valley Fund and Trinity Ventures. It brings the companies total fundraising amount to $25m.
Founded in 2014, Simility helps companies prevent fraud and abuse in real time with machine learning, big data analytics and data visualisation capabilities. It currently caters to customers in financial services, retail, banks, e-commerce and FinTech sectors.
Simility will use the new capital to fund its plans to expand its sales operations in the United States, Brazil, and Europe; expand its European data science teams; and grow its global partnerships in Europe and India.
The company’s founding team, Kedar Samant, Rahul Pangam and Uttam Phalnikar, have a combined 27 years of fighting fraud at Google.
Pangam said: “Digital disruption in the financial and commerce sectors has resulted in the need for a fraud and risk management solution that goes beyond legacy, static rule-based offerings to offer protection in a digital first, big data analytics-focused environment. Simility is fulfilling that need with an innovative, game-changing, adaptive solution.
“This latest funding round will enable us to enter our next phase of growth by bolstering our world-class team of industry veterans in sales, customer success and data science to meet market demand.”
Accel Partners, an early and growth-stage venture capital firm, has been recently splashing the cash in the FinTech space. Insurance fraud protection system Shift Technology bagged $28m in a Series B funding round in October. The investment was co-led by Accel and General Catalyst, and also saw participation from Elaia Partners and Iris Capital.
In the same month, Accel also led a $12m funding round for Generation Z credit card provider Deserve. Other investors in the round also included Aspect Ventures, Pelion Ventures, Mission Holdings, Alumni Venture Group and GDP Ventures.
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