Transaction laundering is a real threat to the modern payment industry, with fraudsters taking full advantage of payment ecosystems by funnelling transactions through legitimate emerchant accounts. Transaction laundering is money laundering for the digital age and works based on the same principle of obscuring the true origins of funds and/or transactions.
The round was led by Arbor Ventures and included existing investors such as Carmel Ventures, StarFarm Ventures and Nyca Partners. With this investment, Melissa Guzy of Arbor Ventures has joined the Board of Directors of EverCompliant.
The company will use the funds to open an office in Asia in 2017, to expand in the US and EU markets, and grow its R&D operations. Leveraging its success in transaction laundering, EverCompliant is now able to expand its cyber intelligence technology to provide more banks and other financial institutions with a wider realm of efficient and automated solutions.
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