The company will use the funds for further development of its e-commerce security and online fraud protection technology and for its planned expansion in the US including the launch of a new office in New York. Its anti-fraud software is currently used by 35 e-commerce companies to verify customers’ identities on their websites.
Trustev noted that global e-commerce sales are expected to reach nearly $1.3bn this year, which it said makes online fraud prevention” an urgent and important requirement for every merchant.”
Greycroft Partners co-founder and partner Ian Sigalow said, “ Trustev is solving the three biggest issues that stand in the way of the e-commerce industry’s growth: limiting manual review of card-not-present transactions, bringing online fraud rates down to the equivalent of other channels, and empowering retailers to accept international payments.
“We expect e-commerce to reach parity with physical retail sales over the next two decades – that is a trillion dollar shift in consumer behavior in the US, and much more globally – and Trustev is an essential part of this growth.”
Greycroft has recently strengthened its team by promoting Ellie Wheeler to principal and poaching iNovia Capital partner John Elton to work in its New York office.
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