Anti-fraud firm Trustev raises USD3m

Trustev has raised USD3m to develop its online fraud protection technology for e-commerce customers. The investors included Greycroft Partners, Mangrove Capital Partners, ACT Venture Capital, Telefonica’s Wayra and Enterprise Ireland. The funding will be used to accelerate expansion to the US, where Trustev will soon open an office in New York City.

“We’re thrilled to have such a strong pedigree of investors who believe in our technology and its proven ability to fight e-commerce fraud,” said Trustev co-founder and CEO Pat Phelan.  “In addition to saving tens of millions of dollars through robust fraud prevention, Trustev also helps online merchants increase overseas opportunities by removing the danger of selling across international borders. Our focus is on pushing the complexity of fraud into the background, allowing online retailers to concentrate on servicing their honest customers while we identify and eliminate the troublemakers.”

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