NetGuardians raises $19.2 mn to boost fight against fraud

By Megha Bhattacharya

Swiss FinTech NetGuardians today announced that it has successfully completed a new round of funding, raising CHF 17 million in new capital. The round was led by Pictet Group as well as private investment group ACE & Company. NetGuardians stated that the funds will be utilised to assist in meeting the demand for its fraud mitigation software and develop its SaaS subscription model.

Peter Wintsch, CTO of Pictet Group, said, “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.”

Recently, cloud banking platform Mambu entered into a partnership with FinTech. The collaboration will enable the Swiss FinTech to offer its fraud mitigation software to the former’s clients for core banking integration.

NetGuardians’ recent research suggested that the global digital payments sector has seen an annual compound growth rate of 13.7% will be worth $8.7 trillion within five years. The amount of digital payment fraud has seen massive growth with the acceleration of social engineering and scams.

Raffael Maio, NetGuardians’ chief strategy officer, said, “NetGuardians is excited to announce continued investment in the company. Since our first round of funding, we have been able to grow and strengthen our fraud-mitigation platform worldwide, serving institutions in more than 30 countries. This latest round of funding will help us to reach more clients and explore new markets with our Collective AI technology provided as software-as-a-service.”