EverCompliant Raises $9.5 Million Series A to Continue Preventing Transaction Laundering

EverCompliant Raises $9.5 Million Series A to Continue Preventing Transaction Laundering
14.12.2016 06:45 pm

EverCompliant Raises $9.5 Million Series A to Continue Preventing Transaction Laundering

AML and KYC

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 their reputation.”

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