With Global Customer Base, CashShield Attracts Backing from GGV Capital, iPod Inventor Tony Fadell and Razer
Menlo Park, CA, September 14, 2017 – CashShield, a global online fraud management company that helps enterprises detect and prevent online fraud, announced today that it has closed a strategic investment round led by GGV Capital with participation from a unit of Singapore’s sovereign wealth fund Temasek Holdings – Heliconia Capital Management, ‘Father of the iPod’ Tony Fadell, leading gaming lifestyle brand Razer, and venture capital firm Stream Global. Jenny Lee, Managing Partner of GGV Capital will join the board of directors.
CashShield is also announcing the opening of its first U.S. office in Menlo Park, CA. The company operates globally with offices in Singapore, Berlin, Jakarta and Shanghai.
Founded by CEO Justin Lie, CashShield is the world’s first and only fully machine-automated fraud management solution. The award-winning solution uses A.I. and Wall Street trading tools, uniquely powered by proprietary high-frequency trading algorithms, real-time pattern recognition and passive biometric analytics. CashShield eliminates the need for any human interference such as data scientists or fraud analysts to detect and prevent online fraud, as the algorithms are able to self-learn in real-time.
“Since CashShield’s inception, we have built the business to be financially independent, allowing us to scale with our partners. Without having to rush into raising capital, we had the opportunity to select our investors carefully, forming a strong team of partners and affiliates to become the global leader in the industry,” said Justin Lie.
Having been bootstrapped into profitability since 2008, this investment round is a strategic move to form long-term partnerships and accelerate global expansion, as CashShield continues to assist companies in their fight against the growing problem of online fraud, which is expected to hit $25.6 billion by 2020.
Jenny Lee shared, “CashShield’s combination of proven technology and strong financials makes the firm a rare breed. We are constantly seeking companies that have the potential to be global market disruptors, and CashShield is leading the next wave of enterprise fraud management solutions.”
Tony Fadell, inventor of the iPod, iPhone, and founder of Nest, the company that pioneered the Internet of Things, added, “The ability to fight fraud in real-time is a game-changer in the digital landscape where threats are constantly evolving. CashShield’s technology is truly revolutionary, and its product has been proven around the world over the past decade to drastically reduce fraud rates to one-tenth of the industry’s average.”
To date, CashShield has secured billions in Gross Merchandise Value for leading companies such as Razer, Square Enix, and the world’s largest e-commerce and marketplace in China.
Razer CEO Min-Liang Tan said, “CashShield is tightly integrated with our online direct sales portal and it provides peace of mind with its advanced fraud prevention technologies. We’re pleased to further our relationship with CashShield and together, we will make online e-commerce safe and secure for Razer customers around the world.”
With this new investment round, CashShield will continue its global expansion into North America, Europe and Asia.
CashShield is a global online fraud risk management company that helps enterprises detect and prevent online fraud. Uniquely powered by proprietary high-frequency trading algorithms, combined with real-time pattern recognition and passive biometric analytics, CashShield’s award-winning application functions without the need for human interference such as data scientists or fraud analysts. To date, CashShield has secured billions in Gross Merchandise Value for companies in various verticals including e-commerce, digital goods, telecommunications and online travel, screening transactions across more than 190 countries. CashShield has global operations in the U.S., Europe, China and Southeast Asia.
For more information, visit www.cashshield.com
About GGV Capital
GGV Capital is a venture capital firm founded in 2000 with the unique idea to have one team investing in both the U.S. and China. With $3.8 billion under management across 8 funds, the GGV portfolio includes Airbnb, Alibaba, AlienVault, BitSight, Ctrip, Didi Chuxing, Domo, Grab, HashiCorp, Houzz, Nimble Storage, Opendoor, Pactera, Pandora Media, Peloton, Percolate, Slack, Square, Synack, Wish, Youku Tudou, YY, Zendesk, 51credit and more.
For more information: www.ggvc.com