Award-winning Swiss FinTech NetGuardians, renowned for its smarter AI-based enterprise risk platform for combating banking fraud, announced it has successfully completed a new round of funding.
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NetGuardians raised CHF 17m in new capital, more than the double each of the previous rounds. Lead investors include the Pictet Group, a NetGuardians client, as well as private investment group ACE & Company, headquartered in Geneva with offices in London, Cairo, Hong Kong and New York.
The funds will be used to support meeting rising demand for its fraud-mitigation software. NetGuardians will do this by strengthening its position in existing markets and further developing its software-as-a-service (SaaS) subscription model.
Adam Said, founder and CEO of Ace & Company, says: “We are excited to join NetGuardians at a time when fraud-mitigation software is as important as ever. NetGuardians has built world-class software that has been adopted by a long list of blue-chip clients. It is set to accelerate its growth as anti-fraud solutions become a requirement across the global financial services industry.”
The global coronavirus pandemic has accelerated digitization among banks, opening up new channels for servicing customers. It has also meant that many more millions of people are working from home. Both developments have been seized on by fraudsters, with fraud rates jumping around the world. A recent report shows a 66 percent hike in scams in the first six months of this year, compared with the final half of 2019.
Peter Wintsch, CTO of Pictet Group, says: “As a NetGuardians client we can judge their fraud-mitigation software first-hand. In addition, it is clear that cyber-fraud challenges will continue to rise, and financial services firms will need access to first-class technology to protect their business. We look forward to being part of the next chapter in the development of NetGuardians.”
