Effectiv Raises Additional $4.5M in Seed Funding

Effectiv, a San Francisco, CA-based real-time fraud and risk management platform for financial institutions and fintech companies, raised an additional $4.5m in seed funding.

This round, which brought the total raise to more than $9m, was led by Better Tomorrow Ventures and participation from Accel, and angel investors.

The company intends to use the funds to accelerate growth.

Founded by Anupam Tarsauliya, Jonathan Doering, Ravi Sandepudi, and Ritesh Arora, Effectiv provides a platform featuring AI-driven tools such as payment fraud detection, customer and business onboarding verification, and compliance management. The company has experienced rapid growth since launching in 2022, helping organizations process more than $27 billion in financial products. The customer base includes BHG Money, Cardless, Pomelo, USALLIANCE Financial, Peapack-Gladstone Bank, and more.

As banks get ready to adopt FedNow, an instant payment service launched by the Federal Reserve, the company is preparing to release DeviceAI, a new device biometrics technology. The feature, which analyzes and flags suspicious user behavior on a device, is expected to further improve Effectiv’s payment fraud solutions.

FinSMEs

26/07/2023