ThreatFabric gets $12.5M to expand behavioral biometrics, analytics and global reach
Amsterdam-based ThreatFabric has raised €11.5 million (approximately US$12.55 million) in a seed funding round, with plans to expand its behavioral biometrics and fraud protection capabilities.
The funding round was co-led by Abn Amro Ventures and Motive Ventures, with participation from 10xFounders and 14Peaks Capital. Abn Amro Bank co-developed the Fraud Risk Suite with the founders of ThreatFabric in 2015, and the company has since grown into a global technology provider with more than 40 employees.
ThreatFabric intends to use the funds to develop behavior-based location intelligence, along with advanced AI models for behavioral biometrics that can forecast the online footprint of potential fraud attackers as they go through payment journeys, according to the announcement. These capabilities will represent two new protection layers for the company’s Fraud Risk Suite. The funds will also go to supporting ThreatFabric’s international expansion plans.
“The ever-changing online fraud threat landscape can proactively be protected by including AI driven threat modelling in behavioural based defence layers,” says ThreatFabric CEO Han Sahin in the announcement. “Fraudster also have a strong need which is strongly reflected in their digital footprint.”
The company’s behavioral biometrics are based on data gathered from mobile sensors and keystrokes, but it also applies behavioral analytics to identifying potential attack paths and the use of attack tools inside a payment solution to inform risk scores.
“As a long-standing partner of ThreatFabric, Abn Amro Bank has seen ThreatFabric’s profound understanding of the fraud issue and the high-quality solution the company offers,” comments Abn Amro Ventures Managing Director Hugo Bongers. “Abn Amro Ventures is proud to support the co-founders Han and Yorick, and the entire ThreatFabric team in their next stage of growth and their mission to combat fraud and malware.”
ThreatFabric was named a sample vendor in Gartner’s report on proactive online fraud prevention, published in March.
“ThreatFabric’s team impressed us with their deep domain expertise and their sticky product suite, which detects new and imminent threats tailored to digital banks and payments services,” says Motive Partners Partner and Head of Portfolio Management Michael Hock. “Unlike the plethora of point solutions in the cyber security market, ThreatFabric offers a comprehensive all-in-one platform approach, providing overall fraud visibility.”