Trustev builds anti-fraud and identity verification technology for e-commerce merchants, analyzing dozens of signals to detect and prevent fraud. The system covers some 100 data points and the company says it processed around 2 million customer transactions in an average week, targeting 10 million transactions by February. Trustev has just over 60 customers, including some large global carriers, though many customers prefer not to be named. The startup plans to open an office in New York City in Q1 2014 and to move beyond fraud alerts toward taking on payment guarantee in Q2, where it would assume the risk to allow merchants to trade globally without fear of fraud. Part of the new funding will be used to support that move into payment guarantee. Trustev was named 2013’s top technology startup in Europe in a competition backed by the European Commission. Trustev offers anti-fraud and payment protection solutions that verify online shoppers’ identities using multiple dynamic data sources and a mix of passive and active authentication techniques. Its technology runs in the background to confirm and secure transactions and to reduce manual review of card-not-present purchases. Since launching at TechCrunch Disrupt, 35 e-commerce companies worldwide were using Trustev’s solution, and the company disclosed it would process 10 million transactions per week by the end of 2013. The firm says its products help merchants reduce fraud losses, save tens of millions of dollars, and expand into international markets by enabling cross-border payments. Trustev plans to use its recent funding to accelerate U.S. expansion, including opening an office in New York City, and to further develop its anti-fraud and payment protection offerings. Trustev leverages proprietary social fingerprinting technology to provide real-time online identity verification, adding a social verification layer at the checkout to pre-qualify customers. The system analyzes social data from sources including Facebook, Twitter and LinkedIn while maintaining user privacy. Led by CEO Pat Phelan, the company targets reduction of online e-commerce fraud through this front-end verification. Trustev currently employs six people and is recruiting an additional eight staff. The company plans to use new capital to grow its team and expand operations, including opening a second office in Europe. The company is based in Cork, Ireland.

Total raised

$4M

Funding rounds

3

Latest round

Seed

Latest activity

Dec 2013