Fintech Security

CYBERA Raises Additional US$5M to Disrupt Financial Cybercrime

CYBERA Global Inc. has secured an additional US$5 million in what it says was an oversubscribed equity round led by Converge VC and New North Ventures.

Founder Collective, Swiss venture capital firms Serpentine Ventures and CV VC, as well as other institutional and angel investors also participated in the round.

The additional funds will help scale CYBERA’s solutions that focuses on logging and sharing cybercrime victim reports and creating a global watchlist for problematic accounts.

reuters

According to the FBI’s IC3 division, financial cybercrimes cost businesses a combined US$6.9 billion in 2021 — up 164 percent from 2020.

The international scope and complexity of these scams often involve many local, regional and international parties, making enforcement a challenge.

The company says that it has already identified over 2,000 problem accounts and helped freeze hundreds of thousands of dollars linked to cybercrime.

Nicola Staub

Nicola Staub

“As a former prosecutor, I have seen the impact of this issue first hand, as well as the complexities of tracking international gangs operating at high speed. This is a fully scalable, secure solution and addresses key regulatory concerns,”

said Nicola Staub, CEO and Co-Founder of CYBERA.

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