Irish e-commerce fraud prevention firm Trustev adds $500K from Notion Capital

By VCPOST Staff Reporter

Dec 16, 2013 09:19 PM EST

Ireland-based e-commerce anti-fraud startup Trustev recently raised $3 million in seed round funding from Greycroft Partners, ACT Venture Capital, Mangrove Capital Partners, Enterprise Ireland, and Telefonica's Wayra. Now, it is adding a $500,000 investment from Notion Capital, according to TechCrunch.

Trustev's anti-fraud system for e-commerce merchant is receiving billions online daily. A research by eMarketer said global e-commerce sales are expected to hit $1.3 trillion this year. The startup will begin the first quarter of 2014 with a new headquarters in New York City, the report detailed.

Trustev co-founder and Chief Executive Officer Pat Phelan says the firm has just over 60 clients. Some of them are big global carriers. However, most of them do not want to be named publicly as they are battling fraud, the report explained.

A portion of the new funding will be used to move beyond Trustev's anti-fraud and identity verification business. The company is targeting payment guarantee next, TechCrunch reported.

Phelan said: "We will move into payment guarantee in QTR 2 where we take all the risk and allow merchants to trade globally without the fear of fraud."

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