Ecommerce fraud protection provider Signifyd has more than doubled its financing total with a new round of funding today. The company just closed a $100 million Series D round, bringing its total to $187 million.
Leading the round is Premji Invest, with participation from existing investors Bain Capital Ventures, Menlo Ventures, American Express Ventures, IA Ventures, Allegis Cyber, and Resolute Ventures. Signifyd will use the new capital to grow its retail customers.
“Premji invests in private companies with all the necessary ingredients to become thriving stand-alone public companies,” said Sandesh Patnam, lead partner at Premji Invest. He added that his firm is impressed with Signifyd’s growth, company culture, and the breadth of its customers. “More than that,” Patnam continued, “it comes down to the high quality of Signifyd’s innovation and technology. It couldn’t be clearer that guaranteed fraud protection is reaching mainstream adoption, and Signifyd is leading this space.”
Founded in 2011, Signifyd offers fraud protection for ecommerce merchants using technology that leverages machine learning algorithms, user behavior, and data science to identify fraudulent orders. Signifyd reduces merchant chargebacks on fraudulent charges, as well as saves companies money on shipping declined orders. In one case study, the company helped a major retailer realize a return on investment of 3.8 times over three years. Signifyd currently serves 10,000 retailers across the globe including top brands such as Build.com, Helly Hansen, iRobot, Jet, Lacoste, and Wayfair.
Signifyd demoed its chargeback mitigation solution at FinovateSpring 2013. Last month, the company opened its first European office in Spain following a partnership with Magento in February. Signifyd has been named on the Forbes FinTech 50 and was listed among Bloomberg’s 50 Most Promising Startups. Additionally, it has been named a top place to work by Entrepreneur, Inc. Magazine, San Francisco Business Times, and the Silicon Valley Business Journal.