Simility adds PayPal as investor in $17.5m funding round
Fraud and risk management firm Simility locked in $17.5 million in new funding. The Series B was led by Accel and featured an investment from fellow Finovate alum, PayPal, reports David Penn at Finovate (Banking Technology‘s sister company).
Simility co-founder and CEO Rahul Pangam says the money will be used to bolster its teams in sales and data science “to meet market demand”.
Current investors the Valley Fund and Trinity Ventures also participated in the round, which brings Simility’s total capital to $25 million.
Recently, Simility hired Mick Martin as VP of sales, named Glenn Cobb as VP of solution engineering in August, and brought onboard Lynn Strand as VP of marketing – all in Q3 of this year.
The company notes that today’s investment will enable it to grow its sales operations in the US, Brazil, and Europe, as well as expand its data science teams in Europe, and add to partnerships in Europe and India.
In March, it unveiled its artificial intelligence (AI) powered Adaptive 3-D Secure solution. This is designed to identify high-risk transactions, using machine learning to examine attributes in real-time, including device fingerprinting, geolocation, and in-session behavioural analytics.
Founded in 2014, Simility is headquartered in Palo Alto, California.
