The internet offers unprecedented connectivity, scalability, and anonymity. Unfortunately, it can also be abused. As activity moves from the physical to the online world, so does fraud. Online chargebacks, spam, referral abuse, and account takeovers cause all sorts of headaches for businesses that would rather focus on their core competencies. At Sift Science, we make world-class online fraud detection easy and accessible to merchants of all sizes. Just over a year ago, we launched our first product: a fraud detection API that empowers online merchants with realtime, large-scale machine learning. This is the same core fraud detection technology used by giants like Amazon and Google.
And boy oh boy, it’s been a busy year. We launched a new version of our API, a real-time fraud console, plugins for Shopify and Magento, and many other exciting changes. We now analyze more than $1.5 billion of transactions and 600 million events each month. We’ve helped customers detect, in realtime, 95% of their fraud with an industry-leading 7% false positive rate. We’ve cut their manual review rate more than sixfold, while enabling them to capture revenue that would have otherwise been rejected. Our customers include retailers of physical and digital goods, financial services companies, marketplaces, mobile-only companies, nonprofit organizations, and online communities on all six habitable continents. They range from high-growth businesses like Airbnb, Uber, OpenTable, Indeed, JackThreads, Kickstarter, and HotelTonight, to mom-and-pop shops collecting their first dollars. We also won the Best Emerging Technology Award at this year’s Merchant Risk Council conference (a key event in the anti-fraud industry). Woohoo!
And now, some exciting news. We recently closed an $18M Series B round of funding led by Spark Capital. We welcome Mo Koyfman to our board of directors, a kindred spirit who shares our passion for great product experiences and big thinking. We’ll use the funds to grow our team and accelerate our sales, marketing, and product development initiatives. We have just begun our mission to make the internet a better place. Our machine learning product improves with more customers and data, and over time we believe that this network can deliver tremendous value across the web.
To our customers and investors - thank you for your continued support. We will work hard to deliver even more value. To our potential customers - don’t hesitate to contact us and learn how we can help protect your business. To potential candidates - we’re hiring across the board.