NS8, a Las Vegas-based startup, announced that it has successfully raised $123 million in the venture. The funding is led by Lightspeed Venture Partners and AXA Venture Partners (AVP). They will provide tools for fraud prevention within e-commerce marketplaces, payment gateways, online merchants, and ticketing services.
The money will be focused on their plans to expand technology and product stacks. Furthermore, they are planning to continue expanding their network of partners. It currently includes commerce platforms Shopify, Magento, BigCommerce, and WooCommerce.
Today, a startup that’s built a platform to identify and prevent fraud across a range of e-commerce-related cases is announcing a large round of growth funding to help bring those numbers down.
The company was founded in 2016, to identify malicious activity and establish authenticity it meshes automation, device fingerprinting, behavioral analytics, and real-time scoring. The company’s rise comes with the expansion of e-commerce in the wake of the COVID-19 crisis. The rise in demand forms the consumers has led businesses to bolster their security. This has proven fruitful for NS8.
The company has yet not disclosed its valuation, however, according to several estimated they have raised just over $150 million. According to the company they have seen a growth of 200% in year-on-year revenues. This surge is attributed to both coronavirus led to a surge of demand and the push for online business by merchants and their customers.
The rise of NS8 comes at a time when there are increasingly sophisticated online frauds that are coming into light.
Today, several transactions need more than just card numbers to process. For people that are handling those payments have developed many AI-based systems to track and identify malicious activities. Even though such developments have enormously helped slow down fraud, e-commerce has continued to grow.
The growth has only been triggered by today’s situations where customers are shopping online to follow coronavirus-related social distancing rules and decreasing in-person payments. During this advancements fraud continues to outstrip them.
NS8 has provided a platform that integrates businesses building e-commerce to companies providing e-commerce tools.