MindWise, a fraud prevention provider is raising capital on MicroVentures in a Reg CF offering available to all investors.
As you know, fraud is everywhere these days. The digitization of just about all commerce and financial transactions has created a huge opportunity for crooks looking to steal users’ IDs and, in the end, someone’s hard-earned money. According to the offering page, MindWise is a “threat detection software solution that uses proprietary technology to monitor the deep web for sensitive, personal information for banking and non-banking institutions.”
Currently, MindWise supports illicit usage of credit cards providing institutions with alerts when sensitive information surfaces on the dark web. The company is seeking growth capital to develop additional products to serve financial institutions – like account takeover prevention and payment processor protection. Additionally, MindWise aims to provide individuals with personal information monitoring.
It is interesting to note that in light of Russia’s invasion of Ukraine, MindWise says it will offer free cybersecurity services to Ukrainian organizations.
The securities offering is hoping to raise up to $450,000 in a “Crowd Note” with a valuation cap of $5 million or $10 million. The Crowd Note holds a discount of 25% or 20% – all of this is contingent upon the amount of money raised by the securities offering. Investors who purchase the first 300,000 Crowd Notes, will receive Crowd Notes with a conversion provision based on a $5 million valuation cap and a 25% discount instead of a $10 million valuation cap and a 20% discount.
Mindwise is very much a startup in need of funding to build out its services. The company reports that it has entered into a profit-sharing agreement with LoanClose who will introduce MindWise to its banking partners.
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