CashShield, an online fraud management solution, has closed a $20m Series B funding round.
The round was led by Temasek and GGV Capital, with Nest cofounder Tony Fadell, Wavemaker Partners and Tao Zhang also participating. It means the company has now raised a total of $25.5m.
Based in Singapore, CashShield has global operations in the US, Europe, China and Southeast Asia. The company helps enterprises detect and prevent online fraud. Combining artificial intelligence (A.I.) and Wall Street high-frequency trading techniques, it secures transactions and consumer accounts from cybercriminals, without the need for human intervention.
“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,” said Justin Lie, CEO and founder of CashShield. “Investors, too, see the value, and are supporting us in our fight against the online fraud boom
In addition to straightforward payment fraud, CashShield’s AI also looks at customer accounts in large enterprises across a wide range of industries. With the rise of hacking and data breaches, the value of online accounts have also accelerated. To help, the company claims its unique technology protects consumers’ data in a way that it can’t be used once stolen
With the new capital, CashShield will strengthen its end-to-end fraud technology to provide more comprehensive fraud screening abilities for businesses, financial institutions and government organisations.
“CashShield secures more than $5bn worth of transactions per year and over 10 million user accounts. It has an army of A.I. sentries guarding businesses and protecting their customer information. There’s nothing else like it on the market,” added Fadell, an early investor and Principal at Future Shape.
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