FingerprintJS Raises $32M to Empower Developers to Combat Online Fraud
The Most Trafficked Sites on the Web Use FingerprintJS' Open-Source Platform to Identify Fraudulent Activity at the Source and Build Custom Solutions to Mitigate Risk
CHICAGO, Nov. 3, 2021 /PRNewswire/ -- FingerprintJS, the open-source browser fingerprinting service with the most accurate identification rate on the web, raised $32 million in Series B funding led by Craft Ventures with participation from existing investors Nexus Venture Partners and Uncorrelated Ventures. FingerprintJS aids developers in building best-in-class fraud detection with flexible APIs capable of identifying fraudsters even when they attempt to conceal their identity online. The FingerprintJS platform stems fraud without increasing customer friction, accurately identifying 99.5% of returning web browsers in less than 500 milliseconds of processing time. The new funding brings the company's total funding to-date to $44 million.
"Online fraudsters are becoming increasingly more sophisticated at evading detection while the risk for companies from account takeovers and breaches has never been higher. Adding additional authentication measures can reduce the risk, but negatively impact customer experience at the same time, slowing conversions and reducing revenue," said Dan Pinto, FingerprintJS' co-founder and CEO. "FingerprintJS solves a critical fraud protection gap by enabling accurate identification of every browser navigating to a website or app, without the cost of increased friction for customers."
Over the past year, FingerprintJS has had a 300%+ increase in annual recurring revenue. The company's rapid growth is attributed to the success of its popular open-source browser fingerprinting library, which has been downloaded over 14 million times and is used by 12% of the top 500 websites by total traffic including eBay, Coinbase, Agoda, and Yahoo!. Customers can upgrade to FingerprintJS Pro, a cloud-hosted SaaS version of the service that amps up identification accuracy using additional client and server-side techniques, combined with the most advanced machine learning and AI tools available for browser identification.
"The ubiquity of mobile, combined with the growth of cryptocurrencies, online gaming and payment solutions means that companies are at greater risk for fraud than ever before. At the same time, bad actors have become increasingly sophisticated, finding new ways to evade detection and circumvent protection measures," said Arra Malekzadeh, principal, Craft Ventures. "This has created the perfect storm for fraudsters and their targets. FingerprintsJS has created a way for developers worldwide to build the protection businesses most need, without inconveniencing customers."
Unlike traditional browser fingerprinting, the FingerprintJS platform is not linked to a particular browser or device configuration and can handle browser upgrades and device configuration changes. FingerprintJS' technology is used by software engineering teams to solve a wide variety of fraud use cases including:
- Protecting login pages from automated attacks and phishing attempts
- Providing data to payment processors to catch more fraud
- Account sharing detection and prevention for SaaS and subscription services
- Securing cryptocurrency exchanges, a popular target for credit card fraud and brute force attacks
- Building paywalls that can't be evaded by going incognito, changing IP addresses or clearing your cookies
- Preventing malicious users from trolling online communities
- Restricting cheaters' access to online games and gambling services
The funding will help FingerprintJS accelerate the development of additional developer tools, including a JavaScript bot detection API, the open-source client for which is already available on GitHub. The company also plans to continue developing its Account Sharing Prevention product, an end-to-end solution for companies looking to increase revenue by reducing sharing of per-user paid accounts.
About FingerprintJS
FingerprintJS helps prevent fraud, spam, and account takeovers with their highly accurate browser fingerprinting service. Their JavaScript technology combines hundreds of signals inside any browser to generate a unique identifier that can be used to detect unusual behavior patterns. As opposed to existing fraud software that sits on top of applications and is managed by business teams, FingerprintJS is designed for developers to build custom and flexible solutions for their fraud problems. Learn more at fingerprintjs.com.
SOURCE FingerprintJS
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