The Paypers: CVC Capital Partners' Growth Fund makes USD 80 mln investment in Kount
Kount, a provider of fraud solutions in risk management, has received USD 80 million investment from CVC Growth Fund.
The investment will enable Kount to accelerate product innovation, expand its global footprint and upgrade customer support services.
Kount provides cloud-based fraud detection solutions that enable merchants to reduce fraudulent transactions made online and via mobile while increasing revenue by accepting more valid orders. Kount eliminates or reduces manual reviews of potentially fraudulent transactions for its customers, reducing credit card chargebacks, improving customer satisfaction, and drastically reducing fraud, in many cases by more than 90%.
Kount works with a number of sectors, including retail, financial services, and gaming, touching billions of transactions and devices every year. Its end-to-end solution is used by thousands of merchants, payment processors, and payment service providers around the world, including Chase Paymentech, PayPal-owned Braintree, New Balance, Spotify and Bodybuilding.com. Kount owns its own proprietary technology and holds dozens of patents in the space.
The industry is poised for growth as recent reports anticipate that the fraud detection and prevention industry will expand from USD 9 billion to over USD 21 billion in 2019. Furthermore, the 2015 Mobile Payments & Fraud Survey found that many organizations are not keeping pace with mobile fraud growth, as over half (60%) of respondents are uncertain if mobile fraud is growing at a faster, slower or equal pace as their overall mobile transaction volume.
Source: The Paypers.