Fraud prevention startup Riskified became the latest Israeli “unicorn” on Tuesday following the completion of its $165 million Series E funding round that gave the company a valuation of more than $1 billion.

In a released blog post on Tuesday, the data security company said that the investment round was led by private equity firm General Atlantic, along with the participation of existing investors Qumra Capital, Pitango Venture Capital, and Entrée Capital.

“Riskified began as a new and unproven approach to fraud prevention and payments. Achieving success required merchants to believe in our vision and partner with us. Today’s announcement is a testament to those partnerships and the leadership position we attained in this important market,” said Riskified CEO Eido Gal. “These funds will allow us to continue to develop innovative solutions that help move commerce forward.”

Riskified secures $165million

Founded in 2013, Riskified works as a payments and fraud-prevention solutions provider that enables online merchants to secure their payments system and identify legitimate shoppers from fraudulent ones. To date, the company is said to currently employ more than 420 employees at its Tel Aviv and New York offices.

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The proceeds from the latest funding round will be used by the company for product development and expansion plans, the startup explained in the release.

“Riskified is the rare blend of realized performance and considerable potential. The company’s innovative model has enabled it to deliver significant ROI to its customers and partners, with a clear runway ahead for the strategic expansion of its geographic footprint, product offering, and consumer base,” said Tanzeen Syed, Managing Director in General Atlantic’s Technology sector. “We are thrilled to partner with Eido and the Riskified team to reinvent the payments ecosystem and add real value for customers,” he added.

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