Sift Raises $50 Million at a Valuation Over $1 Billion and Expands its Executive Leadership Team to Help Companies Fight the Growing Fraud Economy
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 With limited resources and outdated technology, many fraud prevention teams lack visibility across their organizations.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.
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“Sift has seen incredible traction in the market because of its massive global network and advanced machine learning technology,” said Jeff Lieberman, Managing Director at Insight Partners and Sift board member. “We jumped at the opportunity to double down on the company not only because of its impressive growth and leadership position, but also because of the business’s fundamentals and incredible network effects – the more customers Sift has, the more accurately it detects and prevents abuse.”
Sift has also expanded its leadership team and fiscal operations with the appointment of Eu-Gene Sung to CFO. Sung brings over 15 years of financial leadership from global organizations like Integral Ad Science, BSE Global and McCann. She brings strategic experience in usage-based SaaS business models and proven results in developing and executing strategies for high-growth companies to her role at Sift.