Singapore-based online fraud management startup CashShield has raised US$5.5 million in a Series A round led by GGV Capital.
Participating investors include Heliconia Capital Management; Tony Fadell, iPod’s first designer; gaming accessories company Razer; and VC firm Stream Global.
Jenny Lee, Managing Partner of GGV Capital will join the board of directors, as part of the round.
CashShield will use the newly-raised financing to expand globally and acquire new long-term partnerships. Concurrent with the funding round, it has opened its first US office in Menlo Park, CA. It also has offices in Singapore, Berlin, Jakarta and Shanghai.
The IMDA-accredited company was founded by CEO Justin Lie in 2008 (then called CashRun) after he experienced an online credit card fraud. CashShield uses AI and Wall Street trading tools — trading algorithms, real-time pattern recognition and passive biometric analytics — to detect and prevent online frauds.
CashShield claimed that its algorithms can “self-learn in real-time” and thus require no intervention from data scientists or other fraud analysis.
“CashShield is tightly integrated with our online direct sales portal and it provides peace of mind with its advanced fraud prevention technologies. We’re pleased to further our relationship with CashShield and together, we will make online e-commerce safe and secure for Razer customers around the world,”said Razer CEO Min-Liang Tan, in an official press statement.
“CashShield’s combination of proven technology and strong financials makes the firm a rare breed. We are constantly seeking companies that have the potential to be global market disruptors, and CashShield is leading the next wave of enterprise fraud management solutions,” said GGV Capital’s Jenny Lee.
Image Credit: CashShield