FiVerity, a Boston, MA-based provider of an anti-fraud collaboration platform, raised $4M in Seed funding.
The round was led by Mendon Venture Partners, with participation from FinCapital, Mendoza Ventures, Service Provider Capital, and Grasshopper Bank. As part of the investment, John Clausen, a Partner at Mendon Venture Partners, veteran financials investor, and former N.Y. Federal Reserve Bank regulator, will join FiVerity’s board of directors.
The company intends to use the funds to expand its capability to incorporate its Digital Fraud Network while introducing advanced machine learning algorithms that identify the methods fraudsters are using and compare those patterns against those within their own applications.
Led by Greg Woolf, CEO, FiVerity provides an Anti-Fraud Collaboration platform that enables real-time information sharing among financial institutions, data providers, and anti-fraud solutions through the anonymized exchange of fraud intelligence. The company accelerates the detection and prevention of both known and unknown fraud, delivering proactive alerts, transparent risk scoring, and automated fraud classification.
FiVerity has worked closely with financial institutions, regulators and organizations such as the U.S. Federal Reserve and FinCEN throughout the development of its platform to understand the needs of the industry and ensure they can be addressed through its solution.
FinSMEs
18/04/2023