Huge congrats to Resolute-backed Signifyd on closing a $56 million Series C led by Bain Capital Ventures.
When we first met Signifyd founders Raj Ramanand and Michael Liberty, they were two PayPal fraud and risk veterans with a bold idea. Instead of offering E-commerce merchants software to help them prevent fraud, offer them an insurance policy against fraud. With enough data and the right algorithms, they believed they could become accurate enough in identifying fraudsters to underwrite merchants’ fraud exposure. We loved the vision and the team and led Signifyd’s seed round.
Their journey from pre-launch through having enough scale to prove the thesis wasn’t all roses. Raj and team learned a ton along the way, in large part from correcting course when they realized something didn’t work. Along the way, we realized it was going to take longer than the runway provided by the original seed round. But we’d seen enough progress and, more importantly, how strong a team we had been lucky enough to back, and so were more than happy to double down. And, just as Raj and Michael had predicted, the company achieved enough data scale to effectively offer fraud insurance. Since then, the company has seen an awesome trajectory in terms of customers, revenue, team and financing, capped off by this round.
It’s not that the hard work is now done. The path from here will be just as hard, albeit in different ways. But what Raj and team have accomplished in just a few years is something to be proud of. Congrats guys, we are thrilled to be a part of it!