FStech: Kount snags major investment
CVC Capital Partners’ Growth Fund has made a $80 million investment in online and mobile fraud detection and prevention solutions provider Kount. The cash will enable the venture, which operates across a number of sectors, including retail, financial services and gaming, to accelerate product innovation, expand its global footprint, and enhance customer support services.
“Online merchants face greater fraud challenges than ever before,” says Brad Wiskirchen, CEO at Kount. “CVC’s funding and strategic guidance will provide Kount with significant resources to continue investing in our industry-leading fraud prevention solutions and to deliver the tools our customers need to combat fraud every day. We’re excited to partner with CVC in our next stage of growth as we continue to develop the industry’s most effective and efficient online fraud prevention solution.”
“The payments fraud and security industry is one that we have been actively targeting for a while, and we identified Kount as the obvious industry leader,” comments Jason Glass, managing director at CVC Growth Partners. “Kount’s long track record of success in a rapidly expanding market will become even more critical to merchants and payment processors as mobile and internet commerce grows.”