nsKnow nets $17m for its bank account verification services

nsKnow nets $17m for its bank account verification services

nsKnox, which offers bank account verification and B2B payment security, has scored $17m in its latest batch of funding.

First time nsKnox backers Link Ventures and Harel Insurance & Finance took a significant part in the round. Existing nsKnox investors M12, Viola Ventures, and Alon Cohen, nsKnox’s  founder and CEO, also joined the round.

The equity injection has been earmarked to scale nsKnox’s go-to-market infrastructure and to expand its product suite to corporations and banks.

nsKnox’s solutions detect and prevent finance and ops infrastructure attacks, social engineering, business email compromise (BEC), insider fraud, and other Advanced Persistent Fraud attacks.

 Its technology verifies the authenticity of bank account details and ownership. The account is then provided with a Bank Account Certificate, which is then verified across the entire nsKnox portal for any paying entity.

One of nsKnox’s core products is PaymentKnox Payment Security Platform. This helps organisations avoid significant financial losses, heavy fines and reputational damage by validating accounts anywhere on the globe.  It verifies the identities of the sender and receiver to prevent manipulations of the transaction.

nsKnox founder and CEO Alon Cohen said, “In the current market conditions, this round is a true testament to the importance of what we do at nsKnox and the growing demand for bank account validation and B2B payment security and compliance solutions.

“nsKnox’s mission is to safeguard B2B payments, whether they are outbound or inbound, from external perpetrators as well as bad insiders. We have made a significant leap this year, securing tens of new global corporate customers and growing our total ARR by more than 125%. This funding will allow us to continue developing our platform for corporations and expand our services to banks.”

With the close of the investment, the bank account verification company has raised a total of $35.6m in funding.

In other CyberTech news, Cybersecurity solution provider SpiderOak collected $16.4m in its Series C funding round.

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