With increased internet use and subsequently increased need for online sellers to reimburse false charges, a San Jose-based company, Signifyd, formulated a timely technology that can quickly detect any risks in credit card purchases before the card is even processed.
To further develop this technology, Signifyd is raising multi-millions of dollars, backed by companies like Menlo Ventures, TriplePoint Capital, and American Express Ventures. Signifyd’s financial guarantee has worked for Jet.com, Lacoste, Peet’s coffee, and others who don’t have the ability to weed out high-risk transactions.
Sygnifyd’s CEO, Raj Ramanand, claims that the company is very confident about their capabilities, saying, “We pay out 100% if we make a mistake.”
Sygnifyd’s income comes from 1% of all clients’ revenue from credit card transaction, which shouldn’t be a problem for their clients who experience a significant increase in the margins.
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