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Cybersecurity firm buguroo raises $11M

November 2019 by Marc Jacob

Madrid-based cybersecurity firm buguroo has secured $11 million in Series A funding to bring its Deep Learning based online fraud detection and prevention technology, combining behavioural biometrics, malware detection and device assessment, to more financial services customers.

Cybersecurity-focused venture capital firm Ten Eleven Ventures (headquartered in Silicon Valley, California) and Spain- and Latin America- focused venture capital firm Seaya Ventures (headquartered in Madrid, Spain) led the Series A round. Existing investors Inveready Technology Investment Group and Conexo Ventures also participated.

Currently, buguroo technology protects over 50 million financial services customers in Europe and Latin America from login to logout. With the new Series A investment, the company will expand its sales and marketing efforts in these regions as well as in new geographies, with particular focus on the US, UK, France and Germany.

The funding will also be used to accelerate new product developments, including buguroo’s “Fraudster Hunter.” This pioneering functionality, which was recently incorporated into buguroo’s anti-fraud solution, identifies and tracks the behavioural patterns of fraudsters and their collaborators, using Deep Learning to discover victims who are unaware they have been affected by fraud, reveal fraud scenarios and recognise fraudsters’ modus operandi. This unique capability ensures that financial services companies can stay one step ahead of fraudulent digital activity.

From login to logout, buguroo’s technology protects financial services customers from all known fraud use cases, including the increasing problem of synthetic fraud, when hackers set up new accounts using fake identities in the onboarding phase. By collecting thousands of parameters relating to the customer’s behavioural biometrics and environment, including smartphone and mouse movements, keystrokes, device profiling, and geolocation and malware records, buguroo is able to create a unique “cyber profile” for each user – a digital DNA – that stops fraudsters from impersonating financial services customers online and manipulating accounts.

With online banking fraud proliferating, identifying and stopping fraudulent activity without impacting the user experience is crucial for financial institutions worldwide.


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