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Fraud prevention platform Sift raises $50M at over $1B valuation, eyes acquisitions With the increase of digital transacting over the past year, cybercriminals have been having a field day. In 2020, complaints of suspected internet crime surged by 61%, to 791,790, according to the FBI’s 2020 Internet Crime Report. Those crimes ranging from personal and corporate data breaches to credit card fraud, phishing and identity theft cost victims more than $4.2 billion. For companies like Sift which aims to predict and prevent fraud online even more quickly than cybercriminals adopt new tactics that increase in crime also led to an increase in business. Last year, the San Francisco-based company assessed risk on more than $250 billion in transactions, double from what it did in 2019. The company has over several hundred customers, including Twitter, Airbnb, Twilio, DoorDash, Wayfair and McDonald’s, as well a global data network of 70 billion events per month. ....
Home / Top News / Sift Raises $50 Million at a Valuation Over $1 Billion and Expands its Executive Leadership Team to Help Companies Fight the Growing Fraud Economy Sift Raises $50 Million at a Valuation Over $1 Billion and Expands its Executive Leadership Team to Help Companies Fight the Growing Fraud Economy Funding and appointment of Eu-Gene Sung to CFO will fuel product and team expansion to help everyone trust the internet SAN FRANCISCO, April 22, 2021 (GLOBE NEWSWIRE) Sift, the leader in Digital Trust & Safety, today announced a $50 million funding round that values the company at more than $1 billion. The financing was led by global venture capital and private equity firm Insight Partners, with participation from Union Square Ventures and Stripes. The new funding will be used to continue expanding the company’s product portfolio and to scale its product, engineering, and sales teams globally. The company also announced today it has appointed Eu-Gene Sun ....