The startup is among the global leaders in preventing online financial fraud.
ThreatMark, a Czech cybersecurity startup, has successfully closed an investment round of $23 million (€22.3 million). The funding was led by European investors from Octopus Ventures and the American Riverside Acceleration Capital, who jointly invested $15 million for the startup's growth. "The new capital injection will help us accelerate global growth," said Michal Tresner, CEO of the Brno-based startup. The funds will be used to expand ThreatMark's market reach and enhance research and development.
Achievements and Growth:
In the past twelve months, ThreatMark has grown by 75% in Annual Recurring Revenue (ARR).
Twelve out of fifteen Czech banks use ThreatMark's services.
Customers span across Europe, the United States, Latin America, Canada, and Asia.
With the new investment, ThreatMark plans to fully penetrate the British market.
“We want to expand the team with engineers and programmers experienced in large-scale data processing and high-performance computing,” added Kryštof Hilar, CTO and co-founder of ThreatMark.
Detecting Financial Fraud:
ThreatMark detects financial fraud using artificial intelligence, behavioral biometrics, and real-time risk analysis. Here's how it works: While you bank online, your devices collect data about you, creating a biometric signature or digital fingerprint. This data corresponds to your typical behavior on the device, such as how you swipe, click, move your mouse, your geolocation, and language settings. By monitoring many parameters, ThreatMark can identify you and recognize when someone else is accessing your banking. "The ThreatMark team has deep expertise in combating fraud in financial services," said Jonathan Drillings, a partner at Riverside Acceleration Capital. "They have integrated this knowledge into their technologies to address the growing risk of fraud and provide tools for a wide range of banks and financial institutions."
“Mobile banking fraud will continue to be a significant threat to the financial sector,” added Paul Davidson, Partner at Octopus Ventures. “ThreatMark is poised to play an increasingly important role in combating it.”
Source: www.forbes.cz
Compiled by the Dutch team of CzechTrade