Sift, the leader in Digital Trust & Safety, announced a $50 million funding round that values the company at more than $1 billion. The financing was led by global venture capital and private equity firm Insight Partners, with participation from Union Square Ventures and Stripes. The new funding will be used to continue expanding the company’s product portfolio and to scale its product, engineering, and sales teams globally. The company also announced today it has appointed Eu-Gene Sung to the role of Chief Financial Officer (CFO).

“Legacy, rules-based approaches to fighting fraud can’t defend against the sophisticated Fraud Economy that has dramatically expanded and evolved in parallel with digital commerce over the last year,” said Marc Olesen, president and CEO at Sift. “With this new investment we can continue to build out our Digital Trust & Safety platform to help merchants not only fight all types of fraud and abuse, but reduce friction for legitimate customers and grow revenue.”

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The pandemic has played an influential role in scaling and evolving fraudsters’ abuse tactics. Fraud vectors are no longer siloed; they have advanced into a vast, crowded and interconnected network known as the Fraud Economy. With limited resources and outdated technology, many fraud prevention teams lack visibility across their organizations. As a result, enterprises become vulnerable to new types of abuse and losses – forcing merchants into the false choice of preventing fraud or creating a seamless customer experience.

Acting as the central nervous system for fraud teams, Sift’s Digital Trust & Safety platform, which processed more than $250 billion in transactions in 2020, allows organizations to both protect against bad actors and create safe, standout experiences for customers.