This capital will fuel our ambition to build trust online. Why is trust important? Just look at the headlines; fraud is growing and evolving at a faster pace than ever before. And it’s incredibly expensive: card-not-present fraud will cost companies $71B over the next five years, while account takeover losses jumped 120% to $5.1B last year.
Understandably, many businesses try to protect themselves by putting up barriers. But these barriers often cast too wide a net, resulting in unnecessary friction and lost revenue. We believe companies shouldn’t have to trade-off securing and growing their business. As everything moves online, trust has never been more important; in fact, it’s become a foundational competitive advantage. Businesses must minimize risk and friction. Otherwise, they’ll fall behind those that can.
We’ve spent the past seven years building a global, enterprise-grade Digital Trust Platform that empowers online businesses of all sizes, industries, and locations to thrive. Our platform addresses multiple threat vectors – payment fraud, fake accounts, account takeover, content abuse, and promo fraud – while empowering our customers to make the most accurate, automated decisions about who to trust, in real time. Some customers have improved conversion rates by more than 10% and unlocked millions of dollars in revenue; that is the power of trust.
Today, more than 6,000 sites and apps – including Twitter, Airbnb, Yelp, Shutterstock, Jet, Indeed, and Wayfair – rely on our Digital Trust Platform. Each new customer enhances our shared data network, providing all of our customers with the most accurate risk assessment in the market.
A lot has happened since our Series C two years ago. Our enterprise customer base grew 10X, we almost tripled our team to 160+ awesome Sifties, opened a Seattle office, and revenue grew more than 4X. And we’re just getting started. Stripes Group shares our vision for a more trustful internet; we’ll invest the capital to deepen our technology platform, continue our global expansion (37% of our revenue is non-US), and of course, hire great people to achieve our vision.
We would not be here without the support of our customers — thank you. We look forward to continuing to partner to deliver the best products possible. Please keep the feedback coming.
Jason Tan is the Founder and Executive Chairman of Sift. Fueled by a passion for building great products and amazing teams, he's also held leadership and engineering roles at BuzzLabs, Optify, and Zillow.
Stop fraud, break down data silos, and lower friction with Sift.
Achieve up to 285% ROI
Increase user acceptance rates up to 99%
Drop time spent on manual review up to 80%
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