EDBI backs US cybersecurity player's Asia push

The company recently opened its Asia Pacific headquarters in Singapore. This followed a $125 million growth capital commitment from US private equity firm Goldfinch Partners intended to support product development and global expansion.  

Founded in 1995, Vesta's risk management platform for online businesses uses data science and machine learning tools to help spot potentially fraudulent activity. It also offers a liability payment guarantee so that customers can feel secure when dealing with unknown users.

In the US, the company primarily works with telecom and e-commerce players. Clients integrate the risk management platform with sales channels like Magento, Shopify, Salesforce, WooCommerce, BigCommerce, and SAP Commerce Cloud. It claims to protect billions of dollars in transactions annually.

Vesta states that fraud is a growing threat for Asia-based organizations with businesses often employing reactive measures. This leads to losses in revenue and poor customer experience. 

EDBI targets companies in the financial technology, data analytics, information security, and software infrastructure sectors. Part of the ambit of the government body is to promote Singapore as a hub for businesses with operations in the region as well. 

Other start-ups that focus on cyber-security for payments include Forter, Shift Technology, Featurespace, Pindrop, and CashShield. The latter is backed by GGV Capital and headquartered in Singapore.

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• Topics
• Southeast Asia
• Technology
• Expansion
• Financials
• Singapore
• EDBI