Sift Raises $50 Million at a Valuation Over $1 Billion; Expands Executive Leadership Team
Our core mission at Sift is to create an internet that everyone can trust—and for over a decade, we’ve pursued that goal relentlessly, adapting our technology faster than fraudsters can adopt new strategies. And so, we’re thrilled to share that we’ve recently closed our Series E funding round, raising $50 million and now valuing Sift at over $1 billion. Additionally, we’re very excited to announce the appointment of Eu-Gene Sung as our new Chief Financial Officer.
Investors at Insight Partners led the financing, alongside participants Union Square Ventures and Stripes. We’re incredibly grateful to have been given the opportunity to continue delivering unmatched accuracy and expert support to our customers, while enhancing Sift’s platform offerings, and expanding the industries and regions we serve.
Leading the Fight Against the Global Fraud Economy
The pandemic continues to influence how both consumers and fraudsters behave—an issue compounded by evolving cybercrime tactics and automation. Fraud vectors are no longer siloed; instead, they’ve mutated into a vast, crowded, and interconnected Fraud Economy, in which different types of abuse serve as stepping stones towards, and bridges between, other vectors.
Trust and safety teams dependent on limited resources and outdated systems lack visibility into how fraud is truly impacting their organizations, and this incomplete view creates damaging blindspots, new vulnerabilities, and unseen losses. Our Digital Trust & Safety platform uses real-time machine learning to process more than $250 billion annually and allows merchants to protect their customers and companies while driving growth.
“Sift has seen incredible traction in the market because of its massive global network and advanced machine learning technology,” said Jeff Lieberman, Sift board member and Managing Director at Insight Partners. “We jumped at the opportunity to double down on the company not only because of its impressive growth and leadership position but also because of the business’s fundamentals and incredible network effects—the more customers Sift has, the more accurately it detects and prevents abuse.”
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