Signifyd, a San Jose, CA-based provider of a fraud protection platform for e-commerce businesses, secured $56m in Series C financing.
The round was led by Bain Capital Ventures, with participation from Menlo Ventures, American Express Ventures and other existing investors. In conjunction with the funding, Indy Guha at Bain Capital Ventures, will be joining Signifyd’s Board.
The company intends to use the funds to expand its teams of engineers and fraud experts and scale its machine learning-enabled platform across the US, Europe and Asia.
Led by co-founder and CEO Rajesh Ramanand, Signifyd combines machine learning technology and human expertise to provide a fraud protection platform for e-commerce companies to offer customers a 100% financial guarantee against fraud and chargebacks on every approved order, allowing merchants to increase sales and open new markets while reducing risk.