nsKnox raises $17 million
nsKnox, an Israeli startup offering bank account validation and B2B payment security services, has raised $17 million from Link Ventures, Harel Insurance, M12, Viola Ventures, and Alon Cohen, the company’s founder and CEO and formerly founder, chairman and CEO of CyberArk (Nasdaq: CYBR). This new round brings the startup’s total funding to date to $35.6 million.
Founded in 2016, nsKnox helps large organizations mitigate the risk of fraud when sending and receiving B2B payments. The startup’s solutions detect and prevent finance & ops infrastructure attacks, social engineering, business email compromise, insider-fraud and other advanced persistent fraud attacks.
“In the current market conditions, this round is a true testament to the importance of what we do at nsKnox and the growing demand for bank account validation and B2B payment security and compliance solutions. nsKnox’s mission is to safeguard B2B payments, whether they are outbound or inbound, from external perpetrators as well as bad insiders. We have made a significant leap this year, securing tens of new global corporate customers and growing our total ARR by more than 125%. This funding will allow us to continue developing our platform for corporations and expand our services to banks.” – nsKnox founder and CEO Alon Cohen.
“We are excited by the potential of this investment both for us and for our customers since 3 out of 4 large corporations were hit by fraud in the last year, and this number is expected to grow in the near future. This is a real problem affecting companies in both monetary and reputational aspects, and nsKnox has developed both the technology and the methodology to overcome it.” – Tomer Goldberg, managing director, Harel Tech.
“The global fraud detection market is growing from paper to digital and has dramatically increased in recent years, especially since the onset of the pandemic. With nsKnox, we have found a seasoned cyber security team who has developed a patented process that validates the ownership of any account in the world.” – Lisa Dolan, Managing Director, Link Ventures.