The rise of sophisticated cyber-enabled fraud attacks fuels demand for fraud prevention solutions
NEW YORK, January 18, 2023--(BUSINESS WIRE)--nsKnox, the global leader in Bank Account Validation and B2B Payment Security, announced today a new funding round of $17 million, bringing its total funding to date to $35.6M. Two new investors, U.S.-based Internet & technology venture capital firm Link Ventures and Harel Insurance & Finance, took a significant part in the round and were joined by existing nsKnox investors, including M12 - Microsoft’s Venture Fund, Viola Ventures, and Alon Cohen, the Company’s Founder and CEO and formerly Founder, Chairman and CEO of CyberArk (Nasdaq: CYBR). The proceeds will be primarily used by nsKnox to scale its Go-to-Market infrastructure and to expand its product suite to corporations and banks.
"In the current market conditions, this round is a true testament to the importance of what we do at nsKnox and the growing demand for bank account validation and B2B payment security and compliance solutions," said nsKnox Founder & CEO Alon Cohen. "nsKnox’s mission is to safeguard B2B payments, whether they are outbound or inbound, from external perpetrators as well as bad insiders. We have made a significant leap this year, securing tens of new global corporate customers and growing our total ARR by more than 125%. This funding will allow us to continue developing our platform for corporations and expand our services to banks."
nsKnox works with some of the world’s largest enterprise companies, helping them to send and receive B2B transactions without the fear of fraud. Leveraging its patented Cooperative Cyber Security™ (CCS™) and groundbreaking Bank Account Certificate™ technologies to secure both outbound and inbound payments from fraud, nsKnox’s solutions detect and prevent finance and ops infrastructure attacks, social engineering, business email compromise (BEC), insider fraud, and other Advanced Persistent Fraud attacks.
The Company’s PaymentKnox™ Payment Security Platform helps organizations avoid significant financial losses, heavy fines, and reputational damage by validating accounts anywhere on the globe, verifying the true entity of both sender and receiver, and preventing manipulations across every point of transaction - for both outgoing and incoming payments.
"The global fraud detection market is growing from paper to digital and has dramatically increased in recent years, especially since the onset of the pandemic," said Lisa Dolan, Managing Director, Link Ventures. "With nsKnox, we have found a seasoned cyber security team who has developed a patented process that validates the ownership of any account in the world."
"We are excited by the potential of this investment both for us and for our customers since 3 out of 4 large corporations were hit by fraud in the last year, and this number is expected to grow in the near future," said Tomer Goldberg, Managing Director, Harel Tech. "This is a real problem affecting companies in both monetary and reputational aspects, and nsKnox has developed both the technology and the methodology to overcome it."
nsKnox is a fintech-security company enabling corporations and banks to prevent fraud and ensure compliance in B2B Payments. We help organizations avoid significant financial losses, heavy fines, and reputational damage.
Leveraging its patented Cooperative Cyber Security™ (CCS) and groundbreaking Bank Account Certificate™ technologies, nsKnox’s solutions detect and prevent finance & ops infrastructure attacks, social engineering, business email compromise (BEC), insider fraud and other Advanced Persistent Fraud attacks.
nsKnox offers an end-to-end technology-driven solution, the PaymentKnox™ Payment Security Platform, that integrates with the company’s unique global account validation technology, master data security, and automated payment transaction scanning to eliminate the vulnerabilities of manual processes.
About Link Ventures
Link Ventures (LV) is an early-stage venture capital firm investing in internet companies in the areas of financial services, digital healthcare, eCommerce, payments, media, and cyber security. LV’s strategy involves targeting, identifying, and building market-leading companies with breakout potential. LV partners with company founders and owners along with top executives within those industries and provides capital, proprietary deal origination, and operating expertise to the management teams. The Link Ventures team has deep sector expertise and has led hundreds of transactions and successful investments in services businesses for over 20 years.
About Harel Insurance & Finance
Harel Insurance Investments and Financial Services Ltd. Group is active in the insurance and financial services industries - health insurance (medical, long-term care, dental insurance and travel insurance), non-life insurance (motor insurance, homeowners insurance, liabilities (indemnity) insurance, mortgage insurance, and credit insurance), life assurance, pension funds, provident funds, education funds, mutual funds, portfolio management, ETFs, and other financial services.
Harel Group is the largest insurance and finance group in Israel (in gross earned premiums, benefit contributions, and amounts received for investment contracts). The Group accounts for 22.3% of premiums. In 2021, premiums and benefit contributions amounted to NIS 33 billion. The Group held AUM of NIS 362B (in 2021) in insurance, pension funds, provident funds, mutual funds, and financial services.
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