Guardian Analytics raises $11 million round

Ronny Kerr · March 1, 2011 · Short URL: https://vator.tv/n/1798

Online banking security company adds Split Rock Partners to defenders against fraud

[Updated 6:48 PM PST March 3 to correct total funding amount and clients.]

Guardian Analytics, provider of online banking security, announced Tuesday that it has secured $11 million in Series D funding from new contributor Split Rock Partners and existing investors Foundation Capital and Sutter Hill Ventures. Before today, Guardian Analytics had collected nearly $15 million across three successively larger rounds--a $1.25 million Series A, $4.5 million Series B and $9 million Series C--bringing the company’s total raised to $27.25 million (when you account for some smaller investments).
 
Jim Simons, managing director at Split Rock Partners, has joined the Guardian Analytics board of directors.
 
FraudMAP (now in its fourth iteration) is Guardian Analytics’ flagship product, an SaaS-based solution that helps banks, credit unions and other financial institutions detect online fraud attacks and other significant security mishaps. The company boasts that it proactively prevents Automated Clearing House (ACH), wire and bill pay fraud. More generally, Guardian Analytics seeks to help financial groups feel more secure about hosting online services that must handle sensitive data.
 
“Attempts to secure the end-point or lock the front door to online banking using multi-factor authentication have failed and cybercriminals are attacking institutions and their customers with impunity,” said Terry Austin, CEO of Guardian Analytics. “Financial institutions are moving faster than ever to adopt FraudMAP as a more advanced layer of security that will proactively stop the widest array of threats.”
 
Founded in 2005, the Los Altos, Calif-based company just experienced a record year of growth. Its customer base expanded by 150 percent and, between the first and second half of the business year, revenue swelled by 134 percent. Even more dramatic is the company’s claim that it achieved 100 percent customer renewals of its subscription-based service.
 
Current clients include the likes of Pacific Continental Bank, First Community Credit Union and Patelco Credit Union.
 
In 2010, Guardian Analytics also launched FraudMAP for Business Banking and FraudMAP Version 4.
 
Guardian Analytics will use the new funding to expand its sales efforts.
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