Fingerprint has announced raising of a new $33Mn Series C round, as it looks to expand reach of its highly effective device intelligence and fraud prevention tech. The funding was led by Nexus Venture Partners, along with the participation of Uncorrelated Ventures. This capital injection serves as a testament to the growing importance of device intelligence in today’s digital landscape.
Fingerprint’s core mission revolves around empowering developers to build sophisticated device identification systems. These systems play a critical role in identifying potential fraudsters while ensuring that trusted users experience minimal disruptions. In an era marked by a decline in cookie-based tracking and a surge in VPN usage, the ability to accurately identify devices has never been more crucial.
The uniqueness of Fingerprint’s platform lies in its remarkable accuracy, boasting the capability to identify 99.5% of returning users in less than 500 milliseconds of processing time. This exceptional precision is at the heart of its value proposition. As the digital realm becomes increasingly riddled with sophisticated cyber threats, Fingerprint steps in to provide a robust shield against online fraud while ensuring that genuine users continue to enjoy frictionless experiences.
Dan Pinto, Co-founder and CEO of Fingerprint, underscores the critical role Fingerprint plays in the current digital landscape, stating, “With the gradual death of cookies and proliferation of VPNs, high accuracy device identification has never been more important. Companies battle sophisticated attacks from online fraudsters while needing to ensure their trusted customers have a frictionless experience. Fingerprint solves this challenge for thousands of companies by enabling accurate device identification and providing additional signals to inform visitor intent without inconveniencing legitimate users.”
The growth trajectory of Fingerprint since its last funding round in 2021 is a testament to its innovative approach. The company has seen notable success in terms of seamless integration, immediate value delivery through APIs, and comprehensive documentation. This appeal is evident through its partnerships with industry leaders like Dropbox and Neiman Marcus.
Dropbox entrusts Fingerprint’s technology to detect and thwart account takeover attempts, which can be particularly detrimental to businesses and users alike. On the other hand, Neiman Marcus leverages the same technology to create personalised experiences for its most valued customers. This wide-ranging applicability underscores Fingerprint’s versatility in catering to a diverse clientele.
What sets Fingerprint apart from other device identification methods is its persistent visitor identifier. This identifier continues to evolve and maintain accuracy even as browsers undergo upgrades. The capability to provide a holistic view of all users across web and mobile devices, regardless of their login status or efforts to conceal their identity, is crucial for companies looking to build advanced fraud detection systems and enhance user experiences.
Fingerprint’s applications are multifaceted and include safeguarding login pages from automated account takeover attacks, preventing various forms of payment fraud for payment processors and eCommerce retailers, detecting and preventing account sharing for SaaS and subscription services, securing cryptocurrency exchanges, building paywalls that are impervious to methods like incognito browsing or IP address changes, and restricting access to bad actors in online gaming and gambling platforms.
Another pivotal aspect of Fingerprint’s approach is its ease of integration. It collaborates with popular third-party providers like Cloudflare, Segment, and CloudFront to ensure that developers can seamlessly incorporate its technology into their systems. The company also partners with software vendors such as Dodgeball, Okta, and Spec to enhance customer value and retention.
This fresh funding of $33 million will serve as a springboard for Fingerprint’s expansion into larger enterprise customers, a significant driver of its recent growth. Fingerprint is now well-poised to develop new tools and capabilities aimed at addressing the most intricate challenges in device identification.