ZeroRisk Secures $10 Million Funding to Enhance Cybersecurity for Payment Providers
ZeroRisk, an Irish company dedicated to improving payment security, has successfully raised $10 million in a Series A funding round, led by MiddleGame Ventures. This investment will significantly propel the company's mission to transform risk management within the payment processing sector. Founded in 2023, ZeroRisk specializes in offering comprehensive cybersecurity solutions designed to help banks and payment service providers understand and mitigate the cyber risks associated with their merchant portfolios.
The platform developed by ZeroRisk provides critical insights into the cybersecurity threats facing merchants. It combines various services including risk monitoring, compliance assistance, training, and protective measures to create a single, user-friendly interface. This innovative approach allows merchants to receive informed guidance on potential risks, empowering them to take proactive measures to safeguard their businesses.
As cyber threats continue to evolve, traditional compliance-focused strategies are proving inadequate. Small businesses now face a myriad of challenges including fraud, identity theft, and vulnerabilities in web security, alongside the potential fallout from cyber incidents. ZeroRisk's platform not only addresses these issues but also assists payment providers in converting compliance obligations into revenue-generating opportunities by offering value-added services to merchants.
Gary Nolan, CEO and co-founder of ZeroRisk, expresses that the industry has relied too heavily on annual compliance exercises, which are no longer sufficient. He emphasizes the necessity for payment providers to gain visibility over their entire merchant portfolio.
"Our mission is to provide payment providers with clear insights into their portfolios while giving merchants a structured roadmap for navigating their cybersecurity challenges," Nolan elaborated.
This funding round marks a strategic step towards ZeroRisk's ambitious goal of tripling its revenue in 2026 as it scales its operations and expands its global client base. Currently, the company collaborates with major payment processors, including Bank of America, Global Payments, Checkout.com, and Trust Payments.
Niall McEvoy, investment partner at Elkstone, acknowledges the impressive progress ZeroRisk has made since its inception, reinforcing investor confidence in its capacity to enact substantial changes in the cybersecurity landscape. He highlights the firm’s growth as a testament to its innovative solutions and dedicated team.
With the additional resources gained through this funding round, ZeroRisk aims to enhance its product offerings and expand its operational capabilities, enabling the integration of its platform across a vast network of merchant portfolios. The company currently operates in Ireland and the United States, with offices strategically located in Dublin, Atlanta, and Longford.
Patrick Pinschmidt from MiddleGame Ventures notes the unique blend of business and technological expertise that ZeroRisk brings to the table. The partnership between these investors and ZeroRisk comes at a pivotal time when the company is set to redefine cybersecurity norms within the payment services industry.
As ZeroRisk continues to innovate and expand, it ushers in a new era in cybersecurity, focusing on making compliance not just a necessity, but a pathway to greater business success for merchants worldwide. By providing a comprehensive risk management solution, ZeroRisk is set to lead the charge in protecting customers and businesses alike in an increasingly digital, and vulnerable, world.
The platform developed by ZeroRisk provides critical insights into the cybersecurity threats facing merchants. It combines various services including risk monitoring, compliance assistance, training, and protective measures to create a single, user-friendly interface. This innovative approach allows merchants to receive informed guidance on potential risks, empowering them to take proactive measures to safeguard their businesses.
As cyber threats continue to evolve, traditional compliance-focused strategies are proving inadequate. Small businesses now face a myriad of challenges including fraud, identity theft, and vulnerabilities in web security, alongside the potential fallout from cyber incidents. ZeroRisk's platform not only addresses these issues but also assists payment providers in converting compliance obligations into revenue-generating opportunities by offering value-added services to merchants.
Gary Nolan, CEO and co-founder of ZeroRisk, expresses that the industry has relied too heavily on annual compliance exercises, which are no longer sufficient. He emphasizes the necessity for payment providers to gain visibility over their entire merchant portfolio.
"Our mission is to provide payment providers with clear insights into their portfolios while giving merchants a structured roadmap for navigating their cybersecurity challenges," Nolan elaborated.
This funding round marks a strategic step towards ZeroRisk's ambitious goal of tripling its revenue in 2026 as it scales its operations and expands its global client base. Currently, the company collaborates with major payment processors, including Bank of America, Global Payments, Checkout.com, and Trust Payments.
Niall McEvoy, investment partner at Elkstone, acknowledges the impressive progress ZeroRisk has made since its inception, reinforcing investor confidence in its capacity to enact substantial changes in the cybersecurity landscape. He highlights the firm’s growth as a testament to its innovative solutions and dedicated team.
With the additional resources gained through this funding round, ZeroRisk aims to enhance its product offerings and expand its operational capabilities, enabling the integration of its platform across a vast network of merchant portfolios. The company currently operates in Ireland and the United States, with offices strategically located in Dublin, Atlanta, and Longford.
Patrick Pinschmidt from MiddleGame Ventures notes the unique blend of business and technological expertise that ZeroRisk brings to the table. The partnership between these investors and ZeroRisk comes at a pivotal time when the company is set to redefine cybersecurity norms within the payment services industry.
As ZeroRisk continues to innovate and expand, it ushers in a new era in cybersecurity, focusing on making compliance not just a necessity, but a pathway to greater business success for merchants worldwide. By providing a comprehensive risk management solution, ZeroRisk is set to lead the charge in protecting customers and businesses alike in an increasingly digital, and vulnerable, world.
Topics Consumer Technology）
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