Cybertonica has secured £2 million Series A funding.

The transaction fraud and risk management platform expects to double revenue run rate by June 2019.

The company’s London headquarters and tech teams are now expected to grow by 50 per cent in the coming months.

The platform uses machine learning and AI for delivering authentication, risk analytics and fraud prevention to the payments and FinTech sectors.

“Our vision is to build trust in transaction and increased security for businesses and users,” said Joshua Bower-Saul, Cybertonica CEO and co-founder.

“Cybertonica will continue to grow throughout Europe and the USA. We already provide anti-fraud services to major online retailers, mobile and neo-banking operations in many countries.

“Our frictionless approach leads to significantly lower risk and improved sales and profit.”

The round was led by the London-based Venture Capital company Force Over Mass Capital with participation from TrueSight Ventures and Springboard.

This new funding brings the total venture capital raised to £3.5m in three years.

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