Irish startup Trustev has announced the closing of a $3 million seed funding round to finance the further development of its groundbreaking e-commerce security and online fraud protection technology. Participants include US venture capital fund Greycroft Partners, Mangrove Capital Partners, ACT Venture Capital, Telefónica’s Wayra, and Enterprise Ireland.
“We’re thrilled to have such a strong pedigree of investors who believe in our technology and its proven ability to fight e-commerce fraud,” said Trustev co-founder and CEO Pat Phelan. “In addition to saving tens of millions of dollars through robust fraud prevention, Trustev also helps online merchants increase overseas opportunities by removing the danger of selling across international borders. Our focus is on pushing the complexity of fraud into the background, allowing online retailers to concentrate on servicing their honest customers while we identify and eliminate the troublemakers.”
“Trustev is solving the three biggest issues that stand in the way of the e-commerce industry’s growth: limiting manual review of card-not-present transactions, bringing online fraud rates down to the equivalent of other channels, and empowering retailers to accept international payments,” said Ian Sigalow, Partner and Co-Founder at Greycroft Partners. “We expect e-commerce to reach parity with physical retail sales over the next two decades – that is a trillion dollar shift in consumer behavior in the US, and much more globally – and Trustev is an essential part of this growth.”
Founded in Cork, Ireland in 2012, Trustev verifies the identity of online shoppers and fights fraud for e-commerce merchants. Trustev’s award-winning solution addresses multi-billion dollar online fraud losses from businesses around the globe, empowering retailers to do business in new markets and accept international payments. In 2013, the European Commission selected Trustev as the winner of the Tech All Stars award, naming them the top technology startup in Europe.
By Lolita A. Alford