Singapore-based CashShield, a provider of online fraud management solutions for mid- to large-sized enterprises, has raised $20 million in Series B funding. Temasek and GGV Capital led the round with participation from other investors that included Tony Fadell, Wavemaker Partners and Tao Zhang.
MENLO PARK, Calif. (June 26, 2018) – CashShield, an online fraud management solution for mid- to large-sized enterprises, announced today the completion of a $20 million Series B funding round led by Temasek and GGV Capital. Other investors in the round include Tony Fadell, Wavemaker Partners and Tao Zhang.
The latest funding brings CashShield’s total financing to $25.5 million. Early investors Tony Fadell and GGV Capital are doubling down on CashShield in this round, increasing their stake in the company. Temasek, a global investment company, joins them in this second round of financing for CashShield.
Combining artificial intelligence (A.I.) and Wall Street high-frequency trading techniques, CashShield secures transactions and consumer accounts from cybercriminals, without the need for human intervention. With the rise of hacking and data breaches, the value of online accounts have skyrocketed, and can be sold on the dark web for 60 times more than a credit card number. The company’s unique technology protects consumers’ data in a way that it can’t be used once stolen.
“The ability to use first-rate technology to solve fraud woes creatively has unlocked tremendous value for enterprises, allowing CashShield to be profitable since the beginning,” said Justin Lie, CEO and founder of CashShield. “Investors, too, see the value, and are supporting us in our fight against the online fraud boom.”
Since launching in the United States a year ago, CashShield has gained significant traction in the market, adding Yamibuy and Scalefast among others to its global portfolio.
“CashShield secures more than $5 billion worth of transactions per year and over 10 million user accounts. It has an army of A.I. sentries guarding businesses and protecting their customer information. There’s nothing else like it on the market,” said Fadell, an early investor and Principal at Future Shape LLC.
The funding will be used to strengthen CashShield’s end-to-end fraud technology to provide more comprehensive fraud screening abilities for businesses, financial institutions and government organizations.
“Justin is a strong leader with a clear vision,” said Jenny Lee, Managing Partner at GGV Capital. “The growth CashShield has shown over the past year has boosted our confidence in their potential and the quality of their technology.”
CashShield is a global online fraud risk management company that helps enterprises detect and prevent online fraud. Uniquely powered by proprietary high-frequency trading algorithms, combined with real-time pattern recognition and passive biometric analytics, CashShield’s award-winning application functions without the need for human interference such as data scientists or fraud analysts. To date, CashShield has secured billions in Gross Merchandise Value for companies in various verticals including e-commerce, digital goods, telecommunications and online travel, screening transactions across more than 190 countries. CashShield has global operations in the U.S., Europe, China and Southeast Asia.
For more information, visit www.cashshield.com
About GGV Capital
GGV Capital is a venture capital firm founded in 2000 with the unique idea to have one team investing in both the U.S. and China. With $3.8 billion under management across 8 funds, the GGV portfolio includes Airbnb, Alibaba, AlienVault, BitSight, Ctrip, Didi Chuxing, Domo, Grab, HashiCorp, Houzz, Nimble Storage, Opendoor, Pactera, Pandora Media, Peloton, Percolate, Slack, Square, Synack, Wish, Youku Tudou, YY, Zendesk, 51credit and more.
For more information: www.ggvc.com
Incorporated in 1974, Temasek is a global investment company headquartered in Singapore. Supported by its network of international offices, Temasek owns a US$197 billion portfolio as at 31 March 2017, with significant exposure to Singapore and the rest of Asia. Our investment activities are guided by four investment themes and the long term trends they represent: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Our investment strategy allows us to capture opportunities across the sectors in which we invest that help bring about a better, smarter and more connected world. We actively seek sustainable solutions to address present and future challenges. Across the three pillars of the Temasek Charter, we recognise the need to do well as an investor; to do right as an institution; and to do good as a steward.
For more information on Temasek, please visit www.temasek.com.sg