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IndustryUpdate
ANNOUNCEMENTS Court indicts Kronos banking Trojan perpetrator
After a two-year investigation, a federal grand jury
Acapture joins MRC returned a six-count indictment against Marcus
Hutchins for his alleged role in creating and distribut-
Acapture, a subsidiary of Payvision, joined the Merchant ing the Kronos banking Trojan. Hutchins, a citizen and
Risk Council's member community of 450 companies resident of the United Kingdom, was arrested in the
from over 30 countries. The MRC supports safe ecom- United States on Aug. 2, 2017. He faces multiple charges
merce and risk management initiatives worldwide. With related to computer fraud, electronic communication
Acapture joining the MRC community, merchant mem- interception and unauthorized computer access.
bers will have access to Acapture's data-driven payment
solutions designed to improve authorization rates and Kabbage receives equity investment
reduce fraud, as well as company-sponsored research,
the MRC noted. Kabbage Inc. entered a $250 million equity investment
agreement with a subsidiary of SoftBank Group Corp,
FAPS earns ATSI award which it said represents the largest equity raise in the
online small-business lending segment to date. The
First American Payment Systems L.P. was honored funding brings Kabbage's total equity raised to nearly
with the ATSI Call Center Award of Distinction for the $500 million. Kabbage plans to use the capital to expand
fifth consecutive year by the Association of TeleServices its lending products for small businesses, explore non-
International. "Our customers are of the utmost impor- lending products and services, and accelerate its small
tance to us, and this award reinforces our efforts in to midsize business (SMB) lending.
providing exceptional customer service 24/7/365," said
Latiffa Sharpe, Vice President of Merchant Services for PAI honored as best place to work
FAPS.
Payment Alliance International was honored for the
FTC files charges against MNF entities third consecutive year by Louisville Business First as a
Best Places to Work in Greater Louisville award winner.
In follow up to the 2013 Money Now Funding court "We have an outstanding team of dedicated employees,
determination, the Federal Trade Commission charged all working to serve our clients and make our business
12 defendants – an ISO, sales agents and their prin- better," said John J. Leehy III, President and CEO of PAI.
cipals – with laundering millions of dollars in credit Honorees were determined by an assessment of work-
card charges through fraudulent merchant accounts. place policies, office conditions, management styles and
According to the complaint filed by the FTC, the defen- employee surveys.
dants arranged for a deceptive operation to obtain and
maintain merchant accounts that allowed it to process Risk Ident establishes U.S. subsidiary
almost $6 million through the credit card networks.
Hamburg, Germany-based Risk Ident expanded its glob-
Gianoni named in top-50 list al operations by opening a U.S. office at the Cambridge
Innovation Center near Boston. According to the compa-
Michael "Mike" Gianoni, President and Chief Executive ny, the expansion will enable it to work with large U.S.
Officer of Blackbaud Inc., was named to the list of Top ecommerce enterprise customers to identify and prevent
50 SaaS CEOs by The SaaS Report. Gianoni was recog- online fraud in multiple risk vectors, including payment
nized alongside CEOs from software companies such fraud, account takeover and identity theft.
as HubSpot, Slack, Salesforce, Gainsight, Box, Workday
and others. The CEOs on this year's list were selected SVB, First Data unveil accelerator startups
based on five primary factors: company growth, work
culture, product technology, financial performance and Silicon Valley Bank and First Data Corp. selected
professional experience. four startups to participate in Class 6 of Commerce.
Innovated, an accelerator program designed to help
Juvo draws Series B investment funding commerce, payments and fintech companies grow their
businesses. The four-month virtual program will pro-
Mobile identity scoring company Juvo Mobile Inc. vide participants with operational mentorship from
completed a $40 million Series B funding round led by SVB, First Data and their respective networks. The
New Enterprise Associates and Wing Venture Capital. four companies selected to participate are Apostrophe,
Also included in the round were investments from Blueprint Registry, Finix and Headnote.
SignalFire, as well as add-on investments from existing
investors. Juvo said it plans to leverage the funds to Socure finalizes Series B round
drive global growth and scale, and broaden its suite of
financial service offerings for the financially excluded. Digital identity verification predictive analytics firm
Socure closed a $13.9 million Series B funding round led
by Commerce Ventures, with participation from Flint
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