Today marks an exciting milestone in our journey to build the global enterprise-grade Digital Trust Platform. We’re thrilled to announce our $53M Series D, led by Stripes Group, with previous investors Union Square Ventures, Spark Capital, and Insight Venture Partners participating. This brings our total funding to $107M.
This capital will fuel our ambition to build trust online. Why is trust important? Just look at the headlines; fraud is growing and evolving at a faster pace than ever before. And it’s incredibly expensive: card-not-present fraud will cost companies $71B over the next five years, while account takeover losses jumped 120% to $5.1B last year.
Understandably, many businesses try to protect themselves by putting up barriers. But these barriers often cast too wide a net, resulting in unnecessary friction and lost revenue. We believe companies shouldn’t have to trade-off securing and growing their business. As everything moves online, trust has never been more important; in fact, it’s become a foundational competitive advantage. Businesses must minimize risk and friction. Otherwise, they’ll fall behind those that can.
We’ve spent the past seven years building a global, enterprise-grade Digital Trust Platform that empowers online businesses of all sizes, industries, and locations to thrive. Our platform addresses multiple threat vectors – payment fraud, fake accounts, account takeover, content abuse, and promo fraud – while empowering our customers to make the most accurate, automated decisions about who to trust, in real time. Some customers have improved conversion rates by more than 10% and unlocked millions of dollars in revenue; that is the power of trust.
Today, more than 6,000 sites and apps – including Twitter, Airbnb, Yelp, Shutterstock, Jet, Indeed, and Wayfair – rely on our Digital Trust Platform. Each new customer enhances our shared data network, providing all of our customers with the most accurate risk assessment in the market.
A lot has happened since our Series C two years ago. Our enterprise customer base grew 10X, we almost tripled our team to 160+ awesome Sifties, opened a Seattle office, and revenue grew more than 4X. And we’re just getting started. Stripes Group shares our vision for a more trustful internet; we’ll invest the capital to deepen our technology platform, continue our global expansion (37% of our revenue is non-US), and of course, hire great people to achieve our vision.
We would not be here without the support of our customers — thank you. We look forward to continuing to partner to deliver the best products possible. Please keep the feedback coming.
And if you’re not already a customer, we’d love to show you what we can do.