American Express backs e-commerce security company as it raises $19m

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Signifyd, the company that provides fraud protection for e-commerce businesses, has raised $19m in a funding round with investors including American Express Ventures, Menlo Ventures and Triple Point Capital.

This capital comes on the heels of Signifyd’s $20 million Series B round in February 2016, which included funding from Menlo Ventures, Allegis Capital, IA Ventures, QED Investors, Bill McKiernan and Tim Eades.

Ex-PayPal fraud and risk experts, Raj Ramanand and Mike Liberty, founded the company and by the end of 2015, it announced that it had increased to a run rate of $5.6 billion in transaction volume, with an 8x year-over-year revenue growth, and tripled its number of employees.

The company said the latest investment will allow it to scale and continue to expand its machine-learning technology.

“We’re thrilled to partner with Menlo Ventures and American Express,” said Raj Ramanand, CEO and Co-founder of Signifyd. “They are pioneers in financial innovation, enhancing core capabilities and accelerating digital commerce.

Rohit Bodas, Partner, American Express Ventures said that as more companies start to shop online, more merchants are turning to fraud-management solutions.

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