Madrid-based buguroo banks €11 million Series A to combat online financial fraud

Spanish cybersecurity startup buguroo has raised an €11 million Series A to expand its platform that protects against financial fraud. The round was led by cybersecurity-focused VC Ten Eleven Ventures and Spain- and Latin America-focused VC Seaya Ventures, with participation from existing investors Inveready Technology Investment Group and Conexo Ventures.

Based in Madrid, buguroo has developed a deep-learning-driven online fraud detection and prevention technology, combining behavioural biometrics, malware detection and device assessment. Currently, buguroo protects over 50 million customers in Europe and Latin America as they go about their financial services, from login to logout.

With the new Series A investment, the company will expand sales and marketing efforts in these regions and expand into new ones, particularly the US, UK, France and Germany.

The funding will also be used to accelerate product development, including buguroo’s “Fraudster Hunter.” This feature identifies and tracks the behavioural patterns of fraudsters and their collaborators, using deep learning to discover unaware victims of fraud, reveal fraud scenarios, and recognise fraudsters’ modus operandi.

“With focused, regional investment in sales and marketing, we have proven the power of our solution. We are thrilled to have the support of our new investors, who are enabling us to continue to bring this best-in-class solution to banks around the globe and accelerate our mission of continuous innovation in online fraud detection,” said Pablo de la Riva, Founder and CEO of buguroo.

Ten Eleven Ventures Managing Partner Alex Doll commented, “Ten Eleven Ventures is pleased to back another exciting new team using artificial intelligence to transform cybersecurity. Pablo and the buguroo team are talented innovators who have found a unique way to use AI to reduce online fraud. We are so impressed with the customer traction they have in Europe and Latin America. We look forward to helping them build a global cybersecurity company.”