Trustmi announced its official launch as a pioneering leader in business payments security.
The cybersecurity Fintech company says that it “offers an intuitive, end-to-end solution that helps businesses protect their bottom line by eliminating losses from cyberattacks, internal collusion, and human error, ensuring payments go to the right place.”
B2B payment fraud has “become the most vulnerable attack surface in recent years, with billions of dollars lost in business email compromise yearly.” Reports have shown “that a vast majority of US-based companies have been hit by business payment fraud, and it is expected the problem will continue to grow.”
Trustmi takes a holistic approach “to overcome the fragmentation of payment processes by providing a flexible solution that seamlessly integrates into existing organizational workflows.”
The platform offers businesses optimal protection “to avoid significant financial losses by connecting all the data across the payment process to detect and eliminate future fraud and errors.”
Trustmi also utilizes “a unique Trust Network that unites powerful crowd-sourced data from thousands of vendors and businesses, further uncovering vulnerabilities and detecting suspicious signals to maximize protection for business payments.”
Shai Gabay, co-founder and CEO of Trustmi, said:
“We’re not just a platform – we’re your partner for winning, and gaining the trust of businesses is in our DNA. Our ambition as a company is to take the lead and redefine the global security market, leveraging our full potential to address this critical challenge. Today, we are actively saving our clients millions of dollars by preventing financial losses and optimizing money transfer processes.”
Founded in Israel in 2021, Trustmi emerged “as a visionary venture born from the collective expertise and passion of cybersecurity and fintech enthusiasts Shai Gabai and Eli Ben-Nun.”
The pair met in 2018 “when working at Cynet, and recognizing their shared dedication, they embarked on a collaborative journey to revolutionize the landscape of B2B payments.”
To deepen their understanding of the industry’s complexities, the co-founders conducted in-depth studies, consulting “with hundreds of CFOs spanning from small to medium-sized businesses to Fortune 500 enterprises.”
The research unveiled “a pressing need for a product that would effectively combat the ever-escalating challenge of payment security in both domestic and cross-border transfers, which are notorious for their complexity and susceptibility to fraudulent activities.”
Eli Ben-Nun, co-founder and CTO of Trustmi, said:
“We know that safeguarding business payments is not a one-size-fits-all approach.At Trustmi, we don’t impose changes on your payment process – we enhance it. Our core mission is to empower businesses to effortlessly secure their vendor payments without disrupting their workflows.”
Trustmi is the preferred solution “for global businesses and distinguished Fortune 500 Companies, including CNA Insurance and Colgate-Palmolive Company.”
By conducting an initial assessment of past payments, Trustmi shows “how the platform can deliver rapid value to businesses and effectively secure their payments, mitigate losses, and drive bottom-line growth immediately after deployment.”
Alexander Schuchman, Chief Information Security Officer at Colgate-Palmolive Company, said:
“The security assessment that the Trustmi team provided was comprehensive, and we received it in less than two weeks. They delivered strong detection and analytics capabilities as well as deep analysis of our Order to Cash process.”
Trustmi secured $17 million “in Series A funding this year, totaling $21 million to date.”
The recent round was “led by Zeev Ventures, an early-stage venture capital firm with notable investments in technology companies like Audible, Chegg and Uber Freight.”
The round received additional investment “from Cyberstarts, the only venture capital company primarily funded by the industry’s most successful cybersecurity founders.”
Trustmi’s latest round of funding will “enable the company to expand its enterprise customer portfolio and protect business payments at scale.”
Emily Heath, General Partner at Cyberstarts, said:
“Cyberstarts is invested in solving the world’s most important cybersecurity challenges, and we’re thrilled to fund the next generation of business payments protection. Trustmi’s innovative approach places them at the forefront of this transformative industry, and we are eager to witness the positive impact they will have on businesses worldwide.”