SAN FRANCISCO, March 21, 2018 (GLOBE NEWSWIRE) -- Sift Science, the leading provider of fraud prevention and risk management solutions using real-time machine learning (ML), today announced a $53 million Series D funding round led by Stripes Group, a New York-based growth equity firm, with investments in SPINS, Remitly, Flatiron Health, Udemy, GrubHub and more. Prior investors Union Square Ventures, Insight Venture Partners and Spark Capital also participated in the round, bringing the company’s total funding to $107 million.
The new round of financing will allow Sift Science to expand its global footprint in the fraud detection and prevention market, which is estimated to reach nearly $42 billion by 2022 (source: MarketsandMarkets).
“We are very excited to be partnering with the Sift team to work towards their ambitious goal of building the first highly scalable trust and safety layer for the digital economy,” said Stripes Group Partner Ron Shah. “We believe Sift is uniquely positioned to leverage its best-in-class software platform and data network to fundamentally reshape the way businesses and consumers interact online – with more confidence, transparency and security. We are thrilled to be partnering with Sift as it accelerates its already exceptional growth trajectory.”
“Companies have always had to choose between protecting and growing their business. With Sift Science, they no longer need to make this trade-off – they can reduce risk while also improving customer experiences,” said Sift Science CEO and Co-founder Jason Tan. “Our Digital Trust Platform already protects world-leading digital brands from fraud. This investment will help us strengthen our global alliances and introduce our award-winning platform to enterprise organizations that rely on ineffective legacy fraud solutions.”
Brands such as Twitter, Airbnb, Yelp!, Shutterstock, Jet, Indeed and Wayfair rely on the cloud-based Sift Science Digital Trust Platform for its global network of fraud data and unique ability to detect and prevent bad actors with unparalleled speed, scale and sophistication.
The Sift Science Digital Trust Platform, featuring Live Machine Learning™, hosts a full suite of fraud prevention products, providing a holistic solution that protects businesses from all vectors of fraud and abuse including payment fraud, account takeover, fake accounts and abusive user-generated content. The dynamic platform learns from user behavior across the Sift Science global digital trust network –– 6,000+ online properties and growing ––to score users’ trustworthiness in real time.
About Sift Science
Sift Science fuels business growth and powers expansion into new markets while protecting businesses and their customers from all vectors of fraud and abuse. The company works in a number of vertical markets including physical and digital e-commerce, travel and hospitality, communities and marketplaces, financial institutions and payment processors, SaaS companies and beyond.
Launched in 2011, Sift Science is headquartered in San Francisco, California. The company was recently recognized for its commitment to digital trust technologies through the 2017 MRC Technology Industry Award, 2017 CNP Best Anti-Fraud Solution and 2017 Phocuswright People’s Choice Award. For more information, visit www.siftscience.com or follow via Twitter @SiftScience.
About Stripes Group
Stripes Group is a leading growth equity firm that brings a unique, entrepreneurial culture to investing in Internet, Software and Branded Consumer Products businesses around the world. For over a decade, Stripes Group has been partnering to support high growth market-leading companies with exceptional business models. For more information on Stripes Group, please visit www.stripesgroup.com.
Kristina Richmann
PAN Communications
sift@pancomm.com
415-544-7200