Memcyco raises $37 million for real-time digital fraud prevention

Digital risk protection platform startup Memcyco Inc. announced it has raised $37 million in new funding to support the global expansion of its agentless platform. Founded in 2021, Memcyco aims to revolutionize how organizations combat online fraud and deception by focusing on real-time prevention and detection, as reported by Silicon Angle.

Memcyco's platform defends against threats like digital impersonation, phishing, and account takeover fraud. Unlike traditional reactive methods, it provides enterprises with the ability to identify and intervene in scam campaigns as they unfold. The agentless, real-time solution detects fake websites, malicious links, and other impersonation tactics without requiring client-side installations. It continuously monitors digital channels, offering immediate insights into threats and enabling rapid action to disrupt attacks before sensitive data is compromised. The technology also links external impersonation activity to specific customer exposure, identifying targeted users in real time.

The company reported threefold year-over-year growth in annual recurring revenue and has prevented over 3.4 million account takeover attempts. This significant funding round was led by NAventures, E. León Jimenes C. por A, and PagsGroup.

Source: Silicon Angle