Ethoca, an e-commerce security firm specialising in collaboration-based technology solutions, has gained $45m from Spectrum Equity, as the firm looks to expand into more international territories.
Ethoca concentrates on preventing fraudulent e-commerce transactions. The London-based group also help online businesses increase card acceptance, recover lost revenue and eliminate chargebacks.
In 2014 the payments firm tripled its revenue thanks to its collaboration platform and alerting technology for debit and credit cards.
Andre Edelbrock, CEO and co-founder of Ethoca believes that its financial partnership with Spectrum Equity will help fuel its global expansion and the delivery of new collaboration-based payment services.
‘‘Spectrum supports our mission of reaching what we call ‘maximum acceptance’ – a place where good customers are never turned away and everyone benefits from the financial rewards that result when ecommerce can simply be about commerce,’’ explained Edelbrock.
Ethoca plan to release its services to a number of new territories in 2015 and 2016, including Germany, Spain, Portugal, Turkey, China and Mexico.
‘‘With payment card fraud a $13.9 billion problem globally, Ethoca is well positioned to build on its strong track record of issuer and merchant growth in this arena while further expanding the range of collaboration-based services it offers,’’ added Larry Klane, co-founding principal at Pivot Investment Partners, who also recently joined Ethoca’s Board of Directors.
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