Paygilant, a Ramat Gan, Israel-based fraud protection company for mobile payments, raised $750k in funding.
Connecticut Innovations (CI), Connecticut’s strategic venture capital arm, made the investment as part of a larger investment round being raised in this period.
The company intends to use the funds to establish its Connecticut-based U.S. headquarters, increase sales and marketing hires, product development, implementation support efforts.
Led by Ziv Cohen, CEO, Paygilant provides frictionless authentication and mobile fraud prevention solutions that integrate and correlate multi-intelligence data sets to determine fraudulent behavior. Without impacting and imposing on the user, the system runs in the background to stop fraud before any damage is done. Using machine learning, the company provides ongoing and continuous data analysis ensuring that transactions are approved only for legitimate users.
Paygilant does not rely on Behavioral Biometrics as the sole criteria for authentication, rather incorporates additional fraud indicators including Device Indicators and Transaction Analysis. Paygilant combines Device Indicators, Behavioral Biometrics and Transaction Analysis to identify fraudsters from legitimate customers.