Neuro-ID, a Montana-based company offering software to combat online fraud and increase conversion rates through behavioral data and analytics, announced that it has raised $35 million.
Neuro-ID says it helps brands in a variety of industries that have significant digital transactions, including Intuit, Square, Affirm, OppFi, and Elephant Insurance. In some cases, the company says it has helped these companies increase conversion by 200% and reduce historical fraud rates by 35%.
Alton noted that this provides a valuable new view into the human behind the screen — enabling the company’s clients to better understand the risk and opportunity of onboarding new customers.
New visibility dimension into customer analytics
Sharing further on how Neuro-ID is differentiated from its key competitors in the behavioral analytics and security space, Alton said, “Traditional behavioral analytics companies like NuData have used behavioral technology to do things like authenticate existing customers to prevent account takeovers by malicious actors. Neuro-ID is focused on tackling a much larger ‘conversion crisis’ that all digital organizations face.”
“For the past decade, 90% of all digital onboarding journeys have continued to result in frustration or failure. This has frustrated executives and led to endless a/b testing as organizations try to understand why so many people start and end up abandoning their onboarding journey,” he added.
Behavioral strategy plays a key role in today’s corporate strategy and decision-making processes, as highlighted in this article from Mckinsey. Neuro-ID says its proprietary “Friction Index” dashboard tries to identify the root cause of friction while screening for fraud attacks.
The funding for the software company came from Canapi Ventures and existing investors Fin VC and TTV Capital. The announcement was made in a recent press release.