nsKnox raises $17m to meet the growing demand for B2B payment security & compliance solutions
By Edlyn Cardoza
nsKnox, one of the global leaders in Bank Account Validation and B2B Payment Security, announced a new funding round of $17 million, bringing its total funding to $35.6 million. Two new investors, U.S.-based Internet & technology venture capital firm Link Ventures and Harel Insurance & Finance, took a significant part in the round and were joined by existing nsKnox investors, including M12 – Microsoft’s Venture Fund, Viola Ventures, and Alon Cohen, the Company’s Founder and CEO and formerly Founder, Chairman and CEO of CyberArk. The proceeds will be primarily used by nsKnox to scale its Go-to-Market infrastructure and to expand its product suite to corporations and banks.
“In the current market conditions, this round is a true testament to the importance of what we do at nsKnox and the growing demand for bank account validation and B2B payment security and compliance solutions,” said nsKnox’s Founder & CEO Alon Cohen. “nsKnox’s mission is to safeguard B2B payments, whether they are outbound or inbound, from external perpetrators as well as bad insiders. We have made a significant leap this year, securing tens of new global corporate customers and growing our total ARR by more than 125%. This funding will allow us to continue developing our platform for corporations and expand our services to banks.”
nsKnox works with some of the world’s largest enterprise companies, helping them to send and receive B2B transactions without the fear of fraud. Leveraging its patented Cooperative Cyber Security (CCS) and groundbreaking Bank Account Certificate technologies to secure both outbound and inbound payments from fraud, nsKnox’s solutions detect and prevent finance and ops infrastructure attacks, social engineering, business email compromise (BEC), insider fraud, and other Advanced Persistent Fraud attacks.
“The global fraud detection market is growing from paper to digital and has dramatically increased in recent years, especially since the onset of the pandemic,” said Lisa Dolan, Managing Director of Link Ventures. “With nsKnox, we have found a seasoned cyber security team who has developed a patented process that validates the ownership of any account in the world.”
The Company’s PaymentKnox Payment Security Platform helps organisations avoid significant financial losses, heavy fines, and reputational damage by validating accounts anywhere on the globe, verifying the true entity of both sender and receiver, and preventing manipulations across every point of transaction – for both outgoing and incoming payments.
“We are excited by the potential of this investment both for us and for our customers since 3 out of 4 large corporations were hit by fraud in the last year, and this number is expected to grow in the near future,” said Tomer Goldberg, Managing Director, Harel Tech. “This is a real problem affecting companies in both monetary and reputational aspects, and nsKnox has developed both the technology and the methodology to overcome it.”
IBSi Daily News Analysis
December 06, 2023
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