Swiss fintech NetGuardians, an AI-based enterprise risk platform for combating banking fraud, announced that it has raised CHF 17 million during its latest funding round, which is reportedly more than the double compared to each of its previous rounds.

Lead investors include the Pictet Group, one of NetGuardians client, as well as private investment group ACE & Company, headquartered in Geneva with offices in London, Cairo, Hong Kong and New York.

The funds will be used to support meeting rising demand for its fraud-mitigation software. NetGuardians will do this by strengthening its position in existing markets and further developing its software-as-a-service (SaaS) subscription model.

Fraud rates has risen exponentially around the world where a recent report in the Financial Times showed a 66 percent hike in scams in the first six months of this year, compared with the final half of 2019.

Raffael Maio, NetGuardians’ Chief Strategy Officer said,

“NetGuardians is excited to announce continued investment in the company. Since our first round of funding, we have been able to grow and strengthen our fraud-mitigation platform worldwide, serving institutions in more than 30 countries. This latest round of funding will help us to reach more clients and explore new markets with our collective AI technology provided as software-as-a-service.”

Featured image: Raffael Maio, NetGuardians’ Chief Strategy Officer