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Digital Identity, Security & Online Fraud

Payfone raises USD 23 mln to extend its cybersecurity services

Wednesday 14 February 2018 | 12:25 PM CET

Payfone, a digital identity authentication network provider, has announced the raise of USD 23 mln to expand its cybersecurity services in the retail, insurance, and healthcare sectors.

With this funding Payfone seeks to consolidate its position as a new standard of digital identity authentication that enables enterprises to combat fraud, while boosting the customer experience. They also aim to do this through their patented platform, which analyzes millions of signals against multiple authentication factors to generate their proprietary Trust Score for each digital identity.

The funding round was led by an institutional investor with participation of financial services company Synchrony Financial, MassMutual Ventures, the venture fund of mutual life insurance company Massachusetts Mutual Life Insurance Company (MassMutual), Anil Aggarwal and Jonathan Weiner, the founders of Money20/20, Shoptalk and HLTH; and Andrew Prozes, the former global CEO of LexisNexis.

More: Link
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