PayFone

regtechauthentication and fraud prevention

FOUNDING YEAR: 2008
LOCATION: United States
Last Update: 01/05/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive WhatsApp community where you can engage in discussions with global industry experts!

About

Payfone offers digital authentication solutions that enable banks, insurers, brokerages, and technology companies to tackle fraud and improve customer experience. The platform analyzes millions of signals against multiple authentication factors to generate a trust score for each digital identity. Recently, the company was listed in the 100 Fastest Technology companies in North America by Deloitte's 2017 Technology Fast 500™.

Watch

The Balance Between Security and Customer Experience

Focus

PRODUCTS & SERVICES

Payfone offers a range of products like: 1. Instant Authentication for Mobile: Payfone APIs that can identify new and existing users through their mobile numbers. 2. Instant Authentication for Voice: Payfone APIs that can identify new and existing users through mobile calls. 3. Instant Link for Web: Can authenticate web interactions on PC, thereby eliminating critical SMS OTP vulnerabilities like SMS phishing, SMS forwarding, eavesdropping, and SS7 attacks. 4. Identity Pre-fill: Enables users to extract pre-verified information about customers from verified sources. 5. Trust Score: Analyzes digital signals from multiple sources in order to verify customers. 6. Fonebook: Fonebook is a framework for digital identity that links customer IDs with anonymous identity tokens in order to authenticate digital transactions.

REVENUE MODEL

PayFone charges a percentage fee for every transaction done via its platform.

MAIN CLIENTS

It has major customers from sectors like retail

healthcare

insurance

finance and technology industries.

EXISTING PARTNERSHIPS

The company has partnerships with mobile network operators like O2

EnStream

Verizon Wireless

etc. Other partners include Cardinal Commerce

AmEx. and Early Warning.

Traction

REVENUE COMMENT:

The company claims it has achieved 2,152% growth in revenue between 2013 and 2016.

TRANSACTIONS COMMENT:

The company is hitting 50 million authentication events per day for Fortune 100 clients. It is estimated to authenticate 19 billion transactions by the end of the year. (March 2018)

People

FOUNDERS

Mike Brody and Rodger Desai.

BOARD MEMBERS AND ADVISORS

Mike Brody

Charlie Fote

Eric Woodward

Gill Cogan

Stuart Ellman

Rodger Desai

Kevin Talbot

Mark Smith

Mike Lee

Hans Fleming

and Andrew Prozes.

NUMBER OF EMPLOYEES

51-200

INVESTORS:

American Express

and Strauss Zelnick.

Andrew Prozes

Anil Aggarwal

BlackBer Rypartners Fund

BlueCross BlueShield Venture Partners

Early Warning

IDology

Jonathan Weiner

MassMutual Ventures

Opus Capital

Relay Ventures

Rogers Venture Partners

RRE Ventures

Synchrony Financial

TNS

Verizon Ventures

KEY EMPLOYEES:

Rodger Desai (CEO); Michael Ragunas (CTO); Tom FitzSimmons (CFO)

Momentum

FUNDED

YES

TOTAL FUNDING

$93.42 M

DATE OF LAST FUNDING

Feb 2018

TOTAL FUNDING COMMENT

The company is planning to use its funds to expand its user experience and to enhance cybersecurity services in the retail, insurance, and healthcare sectors (Feb. 2018).

SEED & PRIOR FUNDING

$2.66 M

SEED CLOSED ON

Jul 2016

FUNDING SERIES

SERIES A  · $1.6 M  · Jun 2008

SERIES B  · $11 M  · Aug 2010

SERIES C  · $19 M  · Apr 2011

SERIES D  · $12.66 M  · Jun 2016

SERIES E  · $46.5 M  · Feb 2018

LISTED

NO

COMMENT

Debt Financing: $5.5 M (October 2015)

Join the exclusive global FinTech community

Be a part of the global FinTech community on WhatsApp