CashShield's artificial intelligence security draws $20 million from investors
Online fraud management software provider CashShield has completed a $20 million Series B funding round through Temasek and GGV Capital.
CashShield uses artificial intelligence and Wall Street high-frequency trading techniques to secure transactions and accounts without requiring human intervention. It secures more than $5 billion worth of transactions a year and more than 10 million user accounts.
Since launching in the U.S. a year ago, CashShield gained traction in the marketplace by adding Yamibuy and Scalefast, among others, to its global portfolio.
The company said the funding will be used to strengthen its end-to-end fraud technology by providing more comprehensive fraud screening abilities for businesses, financial institutions and government organizations.
"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," Justin Lie, CEO and founder of CashShield, said in a press release. "Investors, too, see the value and are supporting us in our fight against the online fraud boom."
Based in Menlo Park, Calif., CashShield has operations in the U.S., Europe, China and Southeast Asia.