$4.5M seed round closed for anti-fraud firm Effectiv

Fraud and risk-management software maker Effectiv says it has raised $4.5 million in a seed round led by Better Tomorrow Ventures.

Effectiv makes a platform to connect AI algorithms for buyer onboarding, payment fraud detection and other functions for financial institutions and fintech firms. The company had previously raised $4.5 million in pre-seed investment, bringing the total to $9 million.

Well-known early-stage venture fund Accel and angel investors participated in the latest round. Accel has participated in a previous round. …

algorithms anti-fraud biometrics biometrics news connect detection effectiv financial financial institutions financial services fintech fraud fraud detection fraud prevention functions funding identity verification institutions led management onboarding payment payment fraud platform risk seed seed round software the company trade notes