NetGuardians SA, an Yverdon-les-Bains, Switzerland-based fintech fraud prevention and risk mitigation platform provider, raised CHF8.5m in Series C funding.
Backers included Swisscom Ventures and Freemont Management.
The company intends to us the funds for continued global sales and marketing expansion and for further investment in its proprietary behavioral software platform.
Led by Joel Winteregg, CEO, and Raffael Maio, COO, NetGuardians provides a Big Data technology platform that correlates and analyzes behaviors across the entire bank system for risk modelling. The company recently launched a joint research project with the Swiss School of Engineering and Management Vaud (HEIG-VD) to further develop its machine learning and artificial intelligence capabilities to enable banks to improve the customer experience, operations, prevention of emerging risks and lower costs.
During the past 18 months, NetGuardians has acquired 20 new clients in 14 countries in Europe, the Middle East, Africa, and Asia, opened new offices and recruited local teams in Singapore and in Kenya, and doubled its number of employees to 40.