ThreatMark, a Brno-based fraud prevention company, has secured $23 million in a fresh funding round led by European investors Octopus Ventures and American Riverside Acceleration Capital. The company shared the news in a Linkedin post.

About ThreatMark

  • ThreatMark, led by Michal Tresner, is a platform that uses machine learning to combat fraud across all digital channels and large volumes of data.

  • The platform integrates transaction monitoring, digital banking threat detection, and advanced behavior-based invisible user authentication to provide security, compliance, and risk teams with a comprehensive view of digital channels and transactions. 

  • ThreatMark has grown its annual recurring revenue by 75% in the past year, serving 12 out of 15 Czech banks and customers in Europe, the US, Latin America, Canada and Asia, and is now preparing to enter the UK market.

“We want to expand the team with engineers and programmers who have experience with large-scale data processing, in the thousands of terabytes, and with high-performance computing,” adds Kryštof Hilar, CTO and co-founder of ThreatMark. 

Investment details

  • The fresh $15 million (approximately €14.4 million)  investment round includes financing from Octopus Ventures, and Riverside Acceleration Capital (RAC). 

  • The company also received an $8 million convertible note from Springtide Ventures Fund, raising its total funding amount to $37 million. 

  • This current investment round, led by billionaire Karel Komárek's investment fund Springtide Ventures, further supports ThreatMark's potential, having previously financed the startup in 2017.

“The ThreatMark team has deep expertise in combating fraud in financial services. They have been able to integrate the knowledge into their own technologies that address the growing risk of fraud, and have tools against it for a wide range of banks and other financial institutions,” says Jonathan Drillings, a partner at Riverside Acceleration Capital. 

Threatmark will utilize the funds to expand its market reach, including prominent regions like the UK and US, accelerate research and development, and enhance solution capabilities.