Deloitte once again this week named Signifyd one of the fastest-growing technology companies in North America, acknowledging the company’s rapid growth, which has continued this year with a spate of new product releases and a growing domestic and global footprint.
The announcement of the 2019 Deloitte Technology Fast 500 list marks the second consecutive year that Signifyd has appeared on the list, which this year is based on the pace of revenue growth from 2015 to 2018 for North American companies in the technology, media, telecommunications, life sciences and energy technology fields.
“Our growth is a natural by-product of the mission we’ve embraced from the beginning,” Signifyd CEO and Co-Founder Raj Ramanand said. “We’re helping online retailers provide superior customer experiences by empowering fearless commerce. We pioneered guaranteed fraud protection, which was a transformative move in the right direction. In addition, we’re now helping merchants protect themselves from costly non-fraud chargebacks resulting from a subset of customers who deliberately abuse the system.”
Deloitte representatives, who celebrated the honorees at a Silicon Valley reception Wednesday, pointed out that this is the 25th year that the consulting firm has recognized technology gazelles, meaning the honor spans a quarter-century of unprecedented advancement in technology.
“We are especially pleased to announce and congratulate the 2019 winners,” said Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media and telecommunications leader. “Once again, we saw innovation across the board. It’s always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in.”
Software as a service dominated Deloitte’s Technology Fast 500
Signifyd is among the type of company that Deloitte noted was dominating its fastest-growing-companies list — those companies that act as business partners by providing enterprises with software as a service along with domain expertise.
“As technology innovation trends towards ‘everything as a service,’ it’s no surprise that software companies dominate the winners list yet again this year,” said Mohana Dissanayake, partner, Deloitte & Touche LLP. “What’s exciting about celebrating 25 years of the Tech Fast 500 is we now have a quarter century of innovation stories to draw and reflect upon. These are the companies that push boundaries, help organizations become more efficient and productive, and ultimately enable businesses to drive growth and revenue. We congratulate all the well-deserving winners.”
Signifyd has operated as a trusted technology partner to retailers since its founding in 2011. Ramanand and Co-Founder and Chief Product Officer Michael Liberty didn’t believe online merchants should be liable for the losses and fees they incur when criminals make fraudulent purchases on their sites.
They developed a model for revenue protection that uses big data and machine learning to almost-instantly determine whether an order is fraudulent or legitimate, allowing retailers to automate their order management systems while protecting themselves from fraud.
The model also guarantees that retailers will be made financially whole for any approved order that turns out to be fraudulent. The product’s smart machines not only spare merchants from fraudulent orders, they tackle the more costly damage that is done when retailers over-correct on risk management and mistakenly decline legitimate orders for fear of fraud.
The system was the right answer for a bedeviling problem and Signifyd’s customer base grew to more than 10,000 merchants. Those merchants are the core of Signifyd’s Commerce Network which sees orders from 250 million consumers in more than 100 countries.
Signifyd has extended the ways it helps merchants practice fearless commerce
In the past year, Signifyd has expanded the ways in which it removes fear from commerce and allows retailers to provide their customers with a friction-free online experience. Signifyd’s INR Protection extends the company’s guarantee to cases in which a customer claims an order never arrived, even though it did.
And Signifyd Chargeback Recovery largely automates the necessary work to build a case to dispute improper non-fraud chargebacks, such as when a customer falsely claims they never ordered a product or that the product was nothing like what they expected from its description, for instance.
Signifyd also recently announced its Payments Compliance for European merchants who are struggling with new requirements for strong customer authentication. The product was born of the rules contained in PSD2 regulations that lay out specific methods retailers must use to verify the identity of online buyers. It is the first solution based on 3-D Secure version 2.2 to receive all of the merchant domain EMVCo certifications.
The Fast 500 designation continues the recognition Signifyd’s work has received since last appearing on the list. CB Insights this year named Signifyd to its 2019 AI 100 list. G2 Crowd for three straight quarters has ranked Signifyd as the leader in customer satisfaction in the fraud protection sector. And last month, Juniper Research awarded Signifyd with platinum honors for best fraud and security innovation of 2019.
This latest honor from Deloitte serves as further validation for the work that Signifyd has done, but more importantly, it serves as inspiration for the work that is yet to come.
Photo by iStock