Neuro-ID, the pioneer in Behavior-as-a-Service (BaaS) technology, announced that it has raised a $7 million Series-A funding round led by Fin VC and TTV Capital. Canapi Ventures also participated in the round.
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Founded in 2014, Neuro-ID’s Human Analytics simplifies access to an organization’s behavioral data to reveal key insights into the intent behind an interaction and the specific mindset of the digital customer experience. It serves industry leaders in payments, lending, insurance and banking. By providing visibility into anomalous/atypical behaviors, Neuro-ID’s proprietary technology detects and isolates fraud in real time, allowing genuine customers to complete their transaction while effectively stopping fraud before it starts.
Jack Alton, CEO of Neuro-ID, said:“Every company attempting to digitally onboard a new consumer, business or partner already has a valuable trove of behavioral data. However, capturing and interpreting how someone taps, types and swipes in real time has proven to be difficult for even the most sophisticated digital organizations. This powerful new view into our clients’ behavioral data has enabled them to systematically reduce unnecessary friction for their genuine customers, while adding a valuable new layer of defense to stop 1st and 3rd party fraud. The implications for improved conversion and the overall digital customer experience have been game changing.”
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For every $1 of fraud, it costs financial services firms $3.64 in associated overhead. Successful fraud attempts in the COVID world have increased by 30%, according to LexisNexis. Meanwhile less than 10% of people that start a digital journey, finish it. Crucially, Neuro-ID tools have decreased fraud by 35% while increasing conversion by 200% by allowing businesses to remove high friction verification for their genuine customers.
Speaking on the announcement Logan Allin, Managing General Partner with Fin VC said: “We believe the integration of innovative technology like Neuro-ID is the future for financial institutions, insurers, and corporates to understand and connect with their digital customers and optimize conversion while reducing behavioral fraud, which costs the industry millions of dollars annually. Fin VC is thrilled to work with Neuro-ID as they continue to grow rapidly and make behavioural data applicable to everyone by enhancing customer experience in a less invasive and privacy preserving manner.”
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