Trustmi, a cybersecurity-focused FinTech firm, today celebrated its global launch, aiming to revolutionise business payment security.
Founded in Israel in 2021, Trustmi provides businesses with a comprehensive, end-to-end solution that aims to protect their bottom line from losses arising from cyberattacks, internal collusion, and human error.
The firm has successfully raised $17m in a Series A funding round, bringing the total funding to $21m. The round was led by Zeev Ventures, a venture capital firm recognised for its notable investments in technology firms such as Audible, Chegg, and Uber Freight. Cyberstarts, a venture capital company primarily funded by successful cybersecurity founders, also invested in the round.
Trustmi has developed an innovative platform to combat the fragmentation of payment processes, integrating seamlessly into existing organisational workflows. The solution connects all data across the payment process, aiming to detect and eliminate future fraud and errors. Trustmi’s unique Trust Network utilises crowd-sourced data from thousands of vendors and businesses to maximise protection for business payments by detecting suspicious signals and vulnerabilities.
With the newly secured funds, Trustmi plans to expand its enterprise customer portfolio and protect business payments on a larger scale. The cybersecurity FinTech firm has quickly become the preferred solution for Fortune 500 companies such as CNA Insurance and Colgate-Palmolive, as it aids in mitigating losses and driving bottom-line growth.
Trustmi co-founder and CEO Shai Gabay shared his enthusiasm for the company’s mission. He said, “Our ambition as a company is to take the lead and redefine the global security market, leveraging our full potential to address this critical challenge. Today, we are actively saving our clients millions of dollars by preventing financial losses and optimising money transfer processes.”
Previously, in 2021, Trustmi managed to secure an undisclosed amount of funding which, coupled with the latest $17m, brings the total amount raised to $21m.
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