EverCompliant Raises $9.5 Million Series A to Continue Preventing Transaction Laundering
Funding, led by Arbor Ventures
and including existing investors, will help spearhead expansion of cyber
Tel Aviv, ISRAEL – December 14, 2016 – EverCompliant, the cyber intelligence company, pioneer and industry leader of transaction laundering detection and prevention, announced today the completion of a $9.5 million Series A funding round.
The round was led by Arbor Ventures and included existing investors Carmel
Ventures, StarFarm Ventures and Nyca Partners. With this investment, Melissa
Guzy of Arbor Ventures has joined the Board of Directors of EverCompliant.
The funds will be used to fuel the Company’s continued
growth, including the opening of an office in Asia in 2017, an additional
expansion in the U.S. and EU markets, and growth of its R&D operations. Leveraging
its success in transaction laundering, EverCompliant is now able to expand its
cyber intelligence technology to provide more banks and other financial
institutions with a wider realm of efficient and automated solutions.
Transaction laundering is a real threat
to the modern payment industry, with fraudsters taking full advantage of payment
ecosystems by funneling transactions through legitimate emerchant accounts.Transaction laundering is money laundering for the digital age and works
based on the same principle of obscuring the true origins of funds and/or
transactions. EverCompliant’s research identifies close to two
million unregistered merchants in the U.S. alone, demonstrating that merchant-based
fraud is a huge problem for the payment industry since they are often unaware of
it until it’s too late.
“As ecommerce has evolved, money laundering has morphed into a new digital form.
This online epidemic is spreading faster, and is much more accessible and harder
to detect. Most concerning is that transaction laundering is occurring right
under the noses of regulators worldwide,” said Ron Teicher, CEO of
EverCompliant. “The vote of confidence that Arbor Ventures and our other
partners have shown will allow us to carry out our vision. Together, we can
identify and stop criminals from financing their criminal activity by
laundering money in the digital realm.”
As the only cyber intelligence solution
on the market designed to detect and prevent transaction laundering, EverCompliant
has built on its success in major banks in Europe, Asia, and North America to
help battle merchant-based online fraud worldwide. Additionally, its
MerchantView™ SaaS solution marked a milestone by being the first and only
solution to detect content and transaction laundering on mobile apps.
“As pioneers in the transaction laundering
detection and prevention space, we can already see the effectiveness of
EverCompliant’s approach and we are excited to be partnering with them to bring
their technology to a wider market,” said Melissa Guzy, Managing Partner at
Arbor Ventures. “The talented team at EverCompliant continues to develop
technology that is protecting some of the world’s largest financial
institutions across the globe from association with illicit and brand damaging
activities, ultimately saving them a significant amount of money and harm to
# # #
is the pioneer and industry leader in transaction laundering detection and
prevention. The company’s flagship product, MerchantView™, is the first and
only dedicated solution on the market designed from its core to detect and
prevent transaction laundering. MerchantView applies proprietary cyber
intelligence technology to identify unknown and hidden merchants funneling transactions
through seemingly legitimate storefront websites. Its accuracy, transparency,
and ability to uncover hidden ecommerce networks and merchants sets it apart
from other competing platforms. EverCompliant’s technology has been adopted by
large-scale financial institutions and payment service providers in Asia,
Europe, U.S. and the Middle East, and is an approved MasterCard MMSP.
EverCompliant is headquartered in Tel Aviv, Israel with offices in New York
City. Learn more at: www.evercompliant.com