Swiss fintech startup NetGuardians has raised €7.8 million in Series C funding. The investment comes from Swisscom Ventures and Freemont Management.
NetGuardians specializes in fraud prevention and risk mitigation to prevent financial crime. In the past 18 months the company has gained 20 new clients worldwide, opened new offices and recruited local teams in Singapore and in Kenya, and doubled its number of employees to 40. The company's software solution is now used in 14 countries in Europe, the Middle East, Africa, and Asia.
The funding will be used to continue to expand globally, and to further develop in its behavioral software platform as the demand for effective financial crime prevention grows.
“With rising cyber fraud incidences, every financial institution must have a proactive fraud prevention strategy to protect its operations and clients,” said Raffael Maio, NetGuardians COO in a statement. “NetGuardians helps financial institutions to prevent fraud before it happens and increase operational efficiency. We are in an attractive market, and this additional funding will help us quickly expand our international sales and marketing.”
Read more: StartupTicker.ch (Press release)