Trustmi aims to stamp out B2B payment fraud with global launch
Cybersecurity fintech start-up Trustmi has announced its global launch as it bids to become a leading force in business payments security.
Trustmi announces global launch
Headquartered in Israel with an office in New York, the company has developed an end-to-end payment security solution which it claims can help businesses eliminate losses arising from cyberattacks, internal collusion and human error.
Trustmi attributes the increasing prevalence and success rate of B2B payment fraud to “the fragmentation of payment processes”.
As a remedy to this increasing problem, the company has sought to offer a “flexible solution” that connects all the data from the payment process to detect and tackle fraudulent activity.
The company also leverages its Trust Network, which it claims “unites powerful crowd-sourced data from thousands of vendors and businesses, further uncovering vulnerabilities and detecting suspicious signals to maximise protection for business payments”.
According to the company’s co-founder and CEO, Shai Gabay, its ambition is to “take the lead and redefine the global security market, leveraging our full potential to address this critical challenge”.
Gabay further states that the solution is saving its current clients, which include CNA Insurance and Colgate-Palmolive Company, “millions of dollars” through the mitigation of financial losses and the optimisation of money transfer processes.
The company’s global launch arrives in tandem with a $17 million Series A funding round. The round was led by early-stage venture capital firm Zeev Ventures with additional participation from Cyberstarts.
This latest round has brought the total amount raised by the company since its founding in 2021 to $21 million.
