Zumigo Corporation has announced it has closed $6 million in Series B financing led by new investor Intel Capital.
The funding will be used to expand its business operations and accelerate new product development and customer roll-outs to meet growing global demand, including investments in sales and marketing.
Hank Skorny, Vice President and General Manger of Intel Services, said: “In an increasingly connected world, mobile, cloud, security, location and commerce are fundamental to any services strategy, with their best-in-class commerce fraud solution, we see Zumigo as a leader in this space.”
Zumigo has been working with major financial institutions to enable secure payment transactions and help retailers and consumers prevent fraud. Also recently Wells Fargo invested in Zumigo, and Zumigo is one of the inaugural members of the Wells Fargo Startup Accelerator programme.
“We are seeing a plethora of new security, financial and other applications that will utilize Zumigo’s products,” said Zumigo Founder and CEO Chirag Bakshi. “This new financing validates our direction and success, and will accelerate growth in our core business of providing mobile location and identity products to financial organizations and enterprises alike.”
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