Singapore's EDBI has made a strategic investment in fraud protection and payment technologies firm Vesta, which will have its Asia Pacific headquarters in Singapore.
The Portland, Oregon headquartered firm, which operates a real-time decisioning platform that analyses customers’ online payment transactions to assess the risk of fraud, recently raised $125 million in new growth capital from private equity firm Goldfinch Partners.
Along with a strategic alignment with EDBI, the investment will boost the company’s efforts to expand its fraud and approval enhancement platform across Asia Pacific, according to a media release on Monday.
APAC Headquarters
«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,» Shabab Muhaddes, Vesta’s GM for Asia Pacific, said.
Vesta noted that fraud poses a challenge for organizations as growth in e-commerce transactions continues to accelerate across the region, citing a report by Experian that said online fraud losses increased by 50 percent among surveyed businesses in APAC in the past year.
