Signifyd - Most Innovative Tech Company of the Year
Company: Signifyd, San Jose, CA
Company Description: Signifyd is the fastest-growing provider of fraud protection for e-commerce businesses. Signifyd’s financial guarantee eliminates chargebacks and is supported by a full-service machine learning platform that automates fraud prevention and mitigates risk. Signifyd is in use by companies on the Fortune 1000 and Internet Retailer Top 500 list, including Jet.com, Wayfair and Peet's Coffee & Tea.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Most Innovative Tech Company of the Year - Up to 100 Employees
Nomination Title: Signifyd
Tell the story about what this nominated organization has achieved since January 1, 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Signifyd, the fastest-growing provider of fraud prevention for ecommerce businesses, has revolutionized fraud prevention for online merchants of all sizes with Guaranteed Payments, a first-of-its-kind solution that combines real-time machine learning and a 100% financial guarantee against fraud. This has benefitted ecommerce companies immensely, eliminating their online fraud and boosting their gross margins by 15-20%, enough to help many e-commerce merchants stay afloat.
Signifyd was founded by ex-PayPal fraud and risk experts and in 2016 the company enjoyed a number of impressive accomplishments. Signifyd raised a $20 million Series B round in February and a $19 million round led by American Express in September. In April Signifyd was named the #7 “Best Places to Work” in the Bay Area by The San Francisco Business Times and in November the company was recognized by Forbes as one of the most innovative companies in Fintech in 2016 (Forbes Fintech 50). All of this follows a pivotal year in 2015 when Signifyd achieved 8x year-over-year revenue growth, a $5.6 billion run rate and the tripling of its workforce.
In 2016, Signifyd also saw its customer base grow to over 5,000 merchants, more than 5x larger than its closest competitor, including notable brands like Best Buy, Build.com, Calvin Klein, Jet.com (now part of Walmart), Lacoste, Saks Fifth Avenue, Swatch and Wayfair. Customers deploy Signifyd for the 100% financial guarantee provided against fraud and instant decisions on every order that save significant time and money from in-house resources who would previously review orders manually with fraud scoring tools.
Since Signifyd completely eliminates chargebacks, regardless of the consumer’s country, order size or payment method, merchants can ship orders out to customers faster. In 2016, Signifyd’s customers reported an 80% reduction in order review times and a 100% reduction in chargebacks. With real-time data across more than 5,000 merchants Signifyd is able to accept orders individual merchants cannot, due to incomplete or suspicious information. Savvy merchants have learned that Signifyd’s guaranteed protection allows them to ship to countries, regions, cities and individuals who previously would have been viewed as too risky. In this manner Signifyd creates a revenue generation opportunity for merchants, generally 3% or more, because they don’t just prevent fraud; they completely eliminate the risk associated with it.
In 2016 Signifyd also landed key business partnerships with leading ecommerce platforms, payment processors and even other fraud prevention solutions who want to leverage the company’s real-time machine learning and financial guarantees for their own customers. Extended integrations with BigCommerce, Demandware, Magento and Shopify have extended Signifyd’s reach to hundreds of thousands of ecommerce merchants and in early 2016 Signifyd was the first and only fraud prevention app available in Magento’s new 2.0 platform. Signifyd’s partnerships with fraud prevention platforms like Accertify, Authorize.Net, CyberSource and ThreatMetrix have allowed it to provide its real-time machine learning capabilities to the world’s largest companies without disruptive integration projects or IT resources.
Traditional fraud prevention solutions provide scoring and rules to assess each order but they don’t eliminate the liability or financial losses caused by fraud. Signifyd believes ecommerce merchants simply shouldn’t be held liable for fraud and thus provides an unprecedented 100% financial guarantee on every approved order. Since Signifyd is liable for any fraud incurred by its customers the company receives complete data on fraudulent transactions that is fed back to its machine learning, thereby using fraud against fraud. No other solution currently exists that can provide financial protection against fraud for ecommerce merchants with complete transparency on every order and the ability for merchants to challenge any individual decision. In 2016 these factors have combined to drive incredible growth for Signifyd and have allowed the company to sign on some of the world’s largest brands and keep them completely protected from online fraud. Guaranteed.
In bullet-list form, briefly summarize up to ten (10) of the chief accomplishments of this organization since the beginning of 2016 (up to 150 words).
-Named to the 2016 Forbes Fintech 50 list.
-Named as the #7 “Best Place to Work” in the Bay Area by The SF Business Times.
-Raised a $20 million Series B round in February 2016.
-Raised a $19 million funding round in September 2016.
-Landmark partnership with Magento and first fraud prevention app for Magento 2.0 platform.
-Extensive partnerships with BigCommerce, Demandware and Shopify.
-Partnerships with other fraud prevention platforms: Accertify, Authorize.Net, CyberSource, - ThreatMetrix.
-Addition to the Board of CyberSource’s Bill McKiernan (who sold his company to Visa for $2B).
Of the following types of innovation, which ONE do you want the judges to most appreciate about your organization's story of achievement since the beginning of 2016?