- Arkose Labs, a provider of online fraud and abuse prevention technology, announced it raised $22 million in Series B funding led by Microsoft’s venture capital arm M12
Arkose Labs — a provider of online fraud and abuse prevention technology — announced it raised $22 million in Series B funding led by Microsoft’s venture capital arm M12. Existing investors PayPal and USVP also joined the round.
It is now very profitable to commit fraud with easy-to-use software available on the web, which enables fraudsters to launch large-scale attacks. Arkose Labs is able to cut off fraud at the source by making cybercriminals expend massive effort for conducting their attacks thus eliminating the ROI and profitability of fraud.
The Arkose Labs platform protects many Fortune 50 companies in the financial services, e-commerce, media, gaming, and emerging technology sectors. Some of the company’s customers also include GitHub, Electronic Arts, Singapore Airlines, Roblox, and Twilio.
The Arkose Labs team has designed one of the fastest-learning fraud defense platforms on the market. And going beyond traditional fraud prevention, Arkose Labs protects any consumer action from abuse and fraud like account takeover, fake account abuse, scraping, spam, gift card abuse, etc.
In the past few months, Arkose Labs has nearly doubled its customer base and made multiple product enhancements to improve its platform’s dynamic risk engine. And this round of funding will be used for platform development, new hires, and global expansion.
Key Quotes:
“We are proud to welcome Arkose Labs to M12’s portfolio. With Arkose’s end-to-end anti-fraud platform, enterprises across the globe can better protect against fraud and abuse long term. Multiple Microsoft businesses are already benefiting from this innovative technology, and we are committed to supporting Arkose’s accelerated growth.”
-Microsoft Corporate Vice President and Global Head of M12 Nagraj Kashyap
“Our platform takes a zero-tolerance approach to cyber attacks and our team is committed to putting a stop to the global fraud epidemic. Microsoft and their venture capital fund M12 are incredible partners, as they recognize the major opportunity we have to eliminate fraud, rather than contain it.”
-Arkose Labs founder and CEO Kevin Gosschalk
“Microsoft is committed to providing a safe experience to our customers. Arkose Labs’ technology is an important component of our multi-pronged approach to minimize fraud without negatively impacting legitimate customers.”
-Alex Weinert, Director of Identity Security at Microsoft.
