CYBERA Global Inc. has secured an additional US$5 million in what it says was an oversubscribed equity round led by Converge VC and New North Ventures.

Founder Collective, Swiss venture capital firms Serpentine Ventures and CV VC, as well as other institutional and angel investors also participated in the round.

Previous well-known investors include former financial supervisor in the Vatican René Brülhart, as well as former head of UBS and current President of the Swiss Bankers Association Marcel Rohner.

The additional funds will help scale CYBERA’s solutions that focuses on logging and sharing cybercrime victim reports and creating a global watchlist for problematic accounts.

According to the FBI’s IC3 division, financial cybercrimes cost businesses a combined US$6.9 billion in 2021 — up 164 percent from 2020.

The international scope and complexity of these scams often involve many local, regional and international parties, making enforcement a challenge.

The company says that it has already identified over 2,000 problem accounts and helped freeze hundreds of thousands of dollars linked to cybercrime.

“As a former prosecutor, I have seen the impact of this issue first hand, as well as the complexities of tracking international gangs operating at high speed. This is a fully scalable, secure solution and addresses key regulatory concerns,”

said Nicola Staub, CEO and Co-Founder of CYBERA.

This article first appeared on Fintech News America.