SpecTrust, a no-code, risk-defense layer to unify people, data, and technology in the fight against cybercrime, emerged from stealth, announcing $4.3M in funding.
SpecTrust delivers a protective layer between applications and cybercriminals on the internet. Through the SpecTrust platform, customers can unify data and risk signals into comprehensive defense that deploys instantly.
SpecTrust’s seed round was led by Cyber Mentor Fund with participation from Rally Ventures, SignalFire, Dreamit Ventures, and Legion Capital.
Cybercrime losses exceeded $50 billion in 2019, and businesses are spending more than triple that figure in an attempt to keep the losses from getting worse. As fraudsters, scammers, and identity thieves bring sophisticated tools to attack an increasingly digital world, businesses need to have the ability to orchestrate and pull together data, people and technology in order to keep up with evolving threats. Fragmented data, narrow vendor integrations, isolated risk checkpoints, and makeshift processes for investigation and review are the norm as busy risk teams struggle to keep up with existing roadmaps and emerging attack patterns.
SpecTrust’s no-code platform allows risk teams to deploy, optimize, and enforce layered cybercrime defenses with zero engineering required. Advanced capabilities are normally only accessible to the largest companies in the world; SpecTrust allows businesses of any size to rapidly mature fraud detection and prevention capabilities, optimize onboarding compliance processes and vet user identity with continuous risk and trust assessments.
“There are hundreds of thousands of risk defense professionals who are quietly fighting a multi-billion dollar empire of cybercriminals. When risk defenders aren’t set up for success with unified data and tools, businesses and consumers suffer,” said Nate Kharrl, SpecTrust’s co-founder and CEO. “We’ve worked alongside these heroes for years and built SpecTrust to empower them to finally fight cybercrime and win.”
Emerging financial technology companies are offering financial services to millions of new consumers, ecommerce revenues — especially marketplaces — are growing at a record rate, and enterprises are embracing cloud and hybrid digital transformation strategies to enable innovation. As a result, 89% of companies rely on effective cybercrime defenses in order to enable their growth strategies, according to the Merchant Risk Council.
“The unique combination of talent, technology and time-to-market is what sets SpecTrust apart from the rest of the startups launching into the anti-cybercrime arena. SpecTrust’s approach to automatically collect behavior and identity data across the entire user journey allows customers to orchestrate and optimize risk defenses,” said Joe Eandi, Co-founder of Cyber Mentor Fund.
Founded by employees from ThreatMetrix, eBay, Fastly, and Akamai, SpecTrust’s founding team has tackled cybercrime in a broad spectrum of industries and scale. SpecTrust was created in response to the rise of major consumer fintech companies, diverse online marketplaces and sharing platforms, and growing digital transformation trends in enterprise financial services.