We’re excited to be named one of the 50 most innovative Fintech companies of 2016 by Forbes. This recognition has given us the perfect opportunity to reflect on how far we’ve come in 5 short years. Our customers have been the driving force behind our growth, who we’ve relied on every step of the way to show us what’s possible when fraud is eliminated and the risk of financial loss is shifted away from ecommerce merchants. Our Co-Founder and CEO, Raj Ramanand, sums up the sentiment of our entire team. “We are honored and deeply humbled by this recognition. I’d like to thank each of our 5,000+ customers for their trust and support.”
When Signifyd was started in 2011, we knew merchants didn’t need yet another fraud screening and scoring software. Most ecommerce companies were frustrated with the amount of internal resources tied up in fraud prevention and manual order reviews. Despite their best efforts, merchants were still denying legitimate orders (“false declines”) and paying out chargebacks.
When our real-time machine learning solution was introduced, we made it possible to incorporate significantly more variables and enriched data sources, resulting in much higher accuracy. A number of our early customers wanted to ship orders we had approved for them, but their scoring platforms indicated these orders were too risky. This led to the birth of the 100% financial guarantee against fraud, allowing these merchants to expand their market and ship orders to buyers, regions and countries they had previously found too risky.
2015 was a pivotal year for us as we saw 8x year-over-year revenue growth with a tripling of our staff. By extending our financial guarantee against fraud, or Guaranteed Payments, to all of our customers, we saw a massive increase in volume that brought an even greater level of accuracy due to the network effect. We’ve continued to accelerate in 2016 adding some of the world’s most respected brands as Signifyd customers. We’ve also added leading professionals across the tech and ecommerce landscape to our executive ranks.
Throughout our journey, our customers have provided us with critical guidance and served as our greatest advocates.They’ve helped us secure numerous strategic relationships with ecommerce platforms, payment providers, and even other fraud prevention solutions. We’re very fortunate to have such an amazing community of entrepreneurs and professionals support our growth and help us evolve this industry from fraud prevention and management to fraud elimination and revenue recovery. While Signifyd is listed on the Forbes Fintech 50, our customers are the ones who truly deserve this recognition as they made all of this possible. We look forward to continuing this journey together.