Impressive ecommerce growth spells nothing but good news to merchants, but it’s sometimes a headache for a lot of banks. That’s because if a merchant sells counterfeit goods, the bank gets swamped with complaints from consumers demanding their money back, or pays regulatory fines to intellectual property owners.
Jewel announced it has snapped up over S$1.5 million (US$1 million) in series A funding. Tuas Capital Partners led the round, while institutional and private investors, including Singapore-based investment partnership 8capita, participated.
Jewel Paymentech offers solutions to help banks and payment facilitators conduct merchant due diligence and manage fraud risks using predictive analytics. It also provides automated solutions to large merchants, such as marketplaces, to identify illegal and counterfeit goods as part of their know-your-customer process.
Founder and CEO Sean Lam was formerly the director of fraud and security risk at Visa (Southeast Asia), and was also with PricewaterhouseCooper as a security and technology consultant.
Sean says they will use the money they just raised to expand Jewel’s team of developers, data scientists, and business development managers as the company’s client portfolio continues to grow across Asia. They will also spend it to roll out new solutions in payments. One solution set for launch is a fraud detection router that conducts real-time fraud risk analytics without the need for complex architectural and core banking system changes.
The article first appeared in Techinasia.com