Fraud and risk management company CashShield has raised $20 million in Series B funding.
The round was led by Temasek and GGV Capital, with participation from existing investors such as Nest co-founder Tony Fadell (Principal at Future Shape LLC), Wavemaker Partners, and Tao Zhang.
The latest investment brings total disclosed investment in the company since its foundation in 2008 to $25.5 million.
Most of the large enterprises are trying to create the perfect defense. We try to prevent the stolen data from being monetized.
– Justin Lie, CEO and co-founder, CashShield
CashShield’s platform uses machine learning, biometric analysis and behavioural analytics to help enterprises manage their risk from fraudulent payments and accounts.
According to the company, it is “the first in the world to provide an unprecedented 100% Chargeback Protection since inception”, and differentiates itself from competitors by completely removing the need for human analysts.
“CashShield secures more than $5 billion worth of transactions per year and over 10 million user accounts. It has an army of AI sentries guarding businesses and protecting their customer information,” said Fadell. “There’s nothing else like it on the market.”
While most security solutions are focused primarily on keeping hackers out, CEO and co-founder Justin Lie says that CashShield takes a slightly different tack.
“Most of the large enterprises are trying to create the perfect defense,” said Lie. “We try to prevent the stolen data from being monetized. If you can’t sell it, it decreases the incentive to break in.”
CashShield’s clients include Alibaba, Yamibuy, Scalefast and Razer, and the company has offices in Singapore, Europe, China and the US, where it launched last year.
The new investment will be used for R&D, with a focus on providing more comprehensive fraud screening abilities for businesses, financial institutions and government organisations.