Behaviour-as-a-Service company Neuro-ID has bagged $7m in a Series A funding round led by Fin VC and TTV Capital.
Canapi Ventures also participated in the round.
Founded in 2014, Neuro-ID solution analyses organisations’ behavioural data to detect signs of fraud and thus preventing it in real-time. It serves industry leaders in payments, lending, insurance and banking.
“Every company attempting to digitally onboard a new consumer, business or partner already has a valuable trove of behavioural data,” said Jack Alton, CEO of Neuro-ID. “However, capturing and interpreting how someone taps, types and swipes in real time has proven to be difficult for even the most sophisticated digital organisations.
“This powerful new view into our clients’ behavioural data has enabled them to systematically reduce unnecessary friction for their genuine customers, while adding a valuable new layer of defence to stop first and third party fraud. The implications for improved conversion and the overall digital customer experience have been game changing.”
Logan Allin, managing general partner with Fin VC, added “We believe the integration of innovative technology like Neuro-ID is the future for financial institutions, insurers, and corporates to understand and connect with their digital customers and optimize conversion while reducing behavioural fraud, which costs the industry millions of dollars annually. Fin VC is thrilled to work with Neuro-ID as they continue to grow rapidly and make behavioural data applicable to everyone by enhancing customer experience in a less invasive and privacy preserving manner.”
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