EverCompliant, a global provider of Online Data Intelligence to detect and prevent Online Money Laundering (Transaction Laundering) has raised a $35 million Series B funding round to meet growing demand from banks, credit card companies, payment processors, payment facilitators, online marketplaces, and law enforcement agencies. The company has also rebranded as EverC to better align its name with a broader mission to reduce online crime and empower e-Commerce growth by leveraging its intelligence capabilities.
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EverCompliant raises $35 million Series B to tackle growing threat from Online Money Laundering.
Red Dot Capital Partners, an Israel-based early growth-stage venture capital firm, led the round. Maor Investments joined the round, as did the company’s existing backers, among them Joey Low, Viola Ventures, Arbor Ventures, and American Express Ventures.
While global e-Commerce volume was already rising pre-COVID 19, the pandemic has accelerated the adoption of digital payments. With this rapid increase comes a simultaneous increase in criminal activities online. Recent high profile cases have only highlighted what has already become an unprecedented level of online money laundering. According to EverC’s calculations, some $500 billion is laundered annually through fraudulent e-Commerce transactions. Furthermore, according to the company, there are 6 to 10 million online merchants that are currently using the payment system to process transactions without the knowledge or consent of the financial institution they are processing through.
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“Many types of serious criminal activities are trying to hide behind legitimate-looking facades that are very difficult to track and unmask, digital technology has made it easier for potential fraudsters to hide in plain sight,” said Ron Teicher, EverC’s co-founder and CEO. “We believe that light is the best disinfectant and transparency and visibility are critical in doing business in the digital age. EverC aspires to be a source of confidence for organizations who facilitate payments online, providing them the tools, data, and insights needed to navigate risk and capitalize on new opportunities.”
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