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Cork anti-fraud firm raises USD500m

Tuesday, December 17 14:36:10

Cork-based e-commerce fraud prevention startup Trustev is back in the news after raising $500m to help fund its global growth.

The company recently closed a $3 million seed round from investors that included Greycroft Partners, Mangrove Capital Partners, ACT Venture Capital, Telefonica's Wayra and Enterprise Ireland.

The latest $500,000 investment came from enterprise-specialist VCs Notion Capital.

According to research by eMarketer, global e-commerce sales are expected to reach nearly $1.3 trillion in 2013. The startup will now open an office in New York City in the first quarter of 2014.

Pat Phelan, Trustev's co-founder and CEO says the company has just over 60 customers, including some big global carriers. However, most are reticent to be named publicly about the fact they are battling fraud, perhaps understandably. Telefonica, for instance, is known to be an investor but may or may not be a customer.

Trustev processed some 2 million customer transactions last week says Phelan, and that's "an average". They cover some 100 data points and the aim is to get that up to 10 million transactions by February.

Part of the funding will be to take Trustev to the next step of their business, beyond alerting around fraud and identity verification towards payment guarantee. "We will move into payment guarantee in QTR 2 where we take all the risk and allow merchants to trade globally without the fear of fraud," says Phelan.