Digital security platform Aura has closed its Series E round on $150m, which was led by private equity giant Warburg Pincus.
Funds from the round will help the RegTech company bolster its customer experience, grow its user base, develop new features and implement programmes to increase customer awareness through a national advertising campaign.
US-based Aura helps people protect their identity, finances, online accounts and devices from online threats. Its app will inform users if their online accounts or passwords are at risk and if there has been fraud in their account. It also covers each user with $1m insurance to cover losses and damage caused by identity theft or fraud.
The investment round comes after a strong year of growth for the company, which culminated in more than $220m in annual revenue and 1.7 million customers. Aura has also acquired several digital privacy and personal digital security companies over the past 12 months, including Pango, FigLeaf and Privacy Mate.
Aura founder and CEO Hari Ravichandran said, “The rise of digitization and with it, digital crime, is fuelling a rapidly expanding market opportunity for personal digital security with a total available market of more than $100 billion. In the first quarter of 2021 alone, identity theft grew more than 130 percent, driven by a dramatic increase in government benefits fraud — up nearly 4,000 percent.
“At Aura, we’re working to bring peace of mind to consumers that their families are protected from financial crime.”
In line with the investment, Warburg Pincus managing director and head of strategic investments Chandler Reedy and managing director Brian Chan have joined the Aura board of directors.
With the close of the Series E, the cybersecurity company has raised a total of $450m in capital. Its backers include Accel, General Catalyst and WndrCo.
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