Singapore’s EDBI Makes Strategic Investment in Vesta to Fuel Its APAC Expansionby Fintech News Singapore August 4, 2020
Vesta, a fintech firm focused on fraud protection, has secured a strategic investment from EDBI, a corporate investment arm of the Singaporean Economic Development Board.
This investment, along with a strategic alignment with EDBI, will accelerate the company’s momentum and efforts to expand its fraud and approval enhancement platform across Asia Pacific (APAC). As a result, Vesta will also move to locate its regional headquarters in Singapore.
Hailing from the United States, Vesta recently raised US$ 125 million in new growth capital from private equity firm Goldfinch Partners. The funding provides the company with the resources to invest in growth and continue the global deployment of its solutions.
“We are excited to accelerate the execution of our strategy in APAC. The opportunity to partner with EDBI is exciting and this new investment really sets us up to go fast. Singapore is a natural spot from which to centralise our APAC operations.”
said Ron Hynes, CEO of Vesta.
Vesta enables companies to grow their online businesses by eliminating the fear of fraud. Its AI-powered real-time decisioning platform, analyses customers’ online payment transactions to assess the risk of fraud and is backed by its zero-risk and zero-liability payment guarantee.
Vesta provides its service directly to partners in the telecommunications and e-commerce industries around the globe and also allows merchants to integrate through commerce and payments platforms including Plaid, Shopify, and Verifone.
As growth in e-commerce transactions continues to accelerate across the region, fraud poses a challenge for organisations. According to the 2019 Experian Identity and Fraud Report, online fraud losses increased by 50% of surveyed businesses in APAC.
Despite the growth of fraud, most organisations are still reliant on reactive strategies using manual safeguards and low-tech models with high operating costs to manage these events. This results in lost of revenue and poor consumer experiences.
“APAC is a region that has an immediate need for our firm’s solutions and it was a natural choice to make Singapore our regional headquarters. We are thrilled to partner with EDBI and be part of their portfolio family, and we are looking forward to working together to build and grow partnerships across the region,”
said Shabab Muhaddes, Vesta’s GM for Asia Pacific.
Featured image: Shabab Muhaddes, Vesta’s GM for Asia Pacific