SentiLink will use this funding to help build out its product suite. Here are the top-line bullets you need to know.
SentiLink, an identity verification platform, has raised $70M in a Series B. The round drew participation from Craft Ventures, Felicis Ventures, Nyca Partners, and Andreessen Horowitz.
How’s the company performing?
- California-based SentiLink helps users detect fraudulent or stolen identities for new account applications. By using a variety of sources for data, including an information pool shared by all its clients, the platform can verify the identity of the person attempting to open a new account.
- More than 100 financial institutions work with SentiLink, including 3 of the top 10 banks in the United States.
- The company has authenticated millions of applications to date and saw its revenue increase 5x in the last year.
- Headcount stands at 25 employees.
Why does the market matter?
- The global fraud detection and prevention market is projected to grow at a CAGR of 26.7% and reach a value of $141.75B by 2028, according to Fortune Business Insights.
- The growing US e-commerce market is expected to generate more than $700B in sales by 2023. This growth has led to an increase in the number of fraudulent activities in the digital space, leading to a higher demand for fraud prevention software.
- The pandemic has led to an increase in the number of digital payments and placed greater focus on e-commerce security as a result.