FiVerity
Cyber Fraud Solutions - Leaders in Synthetic Identity Fraud | FiVerity.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| N/A | €0.0 | round | |
| investor investor | €0.0 | round | |
* | $4.0m | Seed | |
| Total Funding | 000k | ||
| USD | 2021 | 2023 |
|---|---|---|
| Revenues | 0000 | 0000 |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Dealroom estimates
Related Content
FiVerity operates as a developer of cyber fraud defense solutions, focusing on the detection and prevention of sophisticated fraudulent activities within the financial services sector. The company was established in 2017 with the goal of addressing the growing threat of identity-based fraud, which traditional systems often fail to capture. The platform's core offering is a machine-learning based system designed to combat synthetic identity fraud (SIF), a type of financial crime where perpetrators create new identities using a combination of real and fabricated information to open fraudulent accounts.
The company's primary solution functions as an AI-powered platform that analyzes consortium data from multiple financial institutions to identify suspicious patterns and fraudulent applications in real-time. By leveraging a collaborative data model, FiVerity's system can spot anomalies that would be invisible to a single organization, enhancing the accuracy of fraud detection for its clients, which primarily include banks, credit unions, and other lenders. This collaborative approach allows participants to share anonymized threat intelligence without exposing sensitive customer data, thereby strengthening the collective defense against organized fraud rings.
The business model is centered on providing its fraud detection platform as a service (SaaS) to financial institutions. Clients subscribe to the service to integrate FiVerity's advanced analytics into their own account origination and monitoring processes. The system helps these institutions reduce financial losses from charge-offs, decrease the operational costs associated with manual fraud reviews, and maintain compliance with regulatory requirements. A significant milestone for the company was its selection by the Independent Community Bankers of America (ICBA) for its 2021 ThinkTECH Accelerator program, highlighting its relevance and potential within the community banking space.
Keywords: cyber fraud defense, synthetic identity fraud, financial crime, machine learning, fraud detection, risk management, financial services, RegTech, data consortium, identity verification