Fraud buster NetGuardians raises €15.8 million
Swiss cyber-fraud protection company NetGuardians has raised €15.8 million from private banking client Pictet Group and investment firm ACE & Company.
NetGuardians provides AI-based fraud detection software capable of flagging fraudulent payments in real-time. The company, which counts 60 global banks among its client base, says it will use the fresh capital to strengthen its position in existing markets and further developing its software-as-a-service (SaaS) subscription model.
Peter Wintsch, CTO of Pictet Group, says: “As a NetGuardians client we can judge their fraud-mitigation software first-hand. In addition, it is clear that cyber-fraud challenges will continue to rise, and financial services firms will need access to first-class technology to protect their business.”