EverCompliant

EverCompliant Secures $3.5 Million in Funding Led by Carmel Ventures

EverCompliant, a provider of cyber risk intelligence and merchant fraud detection solutions, announced today that it has raised$3.5 million in Series A financing, led by Carmel Ventures, Nyca Partners and existing EverCompliant investor Joey Low from Star Farm Ventures.
The company will use the funding to further develop its product suite, MerchantView, and accelerate its global expansion.
Acquiring banks, and payment service providers, (PSPs) are struggling to identify the fraudulent illegal online activity that is being funneled through presumably legitimate merchants. EverCompliant has solved this problem by creating an innovative solution that allows the payment industry to onboard, and continuously monitor any number of merchants and instantly uncover hidden fraudulent and suspicious e-commerce activity that may create financial liability and risk. While using EverCompliant’s technology, acquirers and PSPs can dramatically reduce the time and money spent on the underwriting process, and reach a conclusive business decision efficiently and accurately allowing them to grow their client base.
EverCompliant’s technology has been tested, validated and adopted by large-scale financial institutions and payment service providers in the US, Israel and Europe.
“We are excited to be joined by two exceptional VCs like Carmel Ventures and Nyca Partners, both leading investors in the global FinTech sector, as well as earn the continued support of Joey Low,” said Ron Teicher, Chief Executive Officer of EverCompliant. “Fraud is constantly evolving and the current controls and solutions used to mitigate merchant risk are no longer effective at detecting new and sophisticated merchant fraud activity. This investment allows us to continue to deliver leading technology and service to our customers and help them stay ahead of the fraudsters while expanding globally.”
Avi Zeevi, General Partner & Co-founder at Carmel Ventures said: “With a huge and growing market of small and micro merchants, and a growing number of fraudsters and criminals in the online world, Evercompliant’s product suite is crucial to enable global eCommerce. We are excited to join the company and bring Evercompliant’s cutting edge solutions to the payments industry, making it a safer place for everyone.”
“Cyber criminals are becoming more sophisticated in the way they hide illegal business. EverCompliant’s technology is perfectly positioned to help proactively identify fraudulent and illegal activity, that is hidden through presumably legitimate merchants, and eliminate it from the system,” said Hans Morris, Managing Partner of Nyca Partnersand former President of Visa.
“We are very proud to continue supporting EverCompliant and have high hopes for the company. The EverCompliant team is well positioned to assist the credit card industry as it faces constant new challenges,” added Joey Low, founder at Star Farm Ventures.

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