CAF raises a total of BRL 80 million to forge the future of identity
Formerly Combate à Fraude, cybersecurity startup saw 10-fold growth in its revenue by 2021
SÃO PAULO–(BUSINESS WIRE)–Founded in 2019, CAF (formerly Combate à Fraude), a leader in digital identity verification, announced that it has raised over BRL80 million in investments with participations from a group of experienced global investors, led by Ethoca co-founders Darryl Green, Andre Edelbrock and Trevor Clarke, as well as the former LexisNexis CEO Andrew Prozes. Ethoca is a global leader in the collaborative fraud loss prevention industry and was acquired by Mastercard in 2019. Other investors also have joined the round, such as noted investor and philanthropist Kevin Efrusy, and NielsenIQ CEO and chairman James Peck, who will also join CAF’s board. The company’s valuation was not disclosed.
Founded in 2019 by the entrepreneur Leonardo Rebitte, CAF has grown rapidly and is trusted by leading global businesses.
“CAF’s platform is trusted by banks, fintechs, e-commerce merchants, insurance companies, mobility and delivery apps, marketplaces, among others. This anti-fraud technology developed in Brazil is one of the most advanced on the planet and we want to take it global,” said CAF CEO and fintech and anti-fraud industry veteran, Darryl Green who joined the company in August 2021.
Since its founding, CAF has seen tremendous growth including 10X revenue growth in 2021 and 5X growth in headcount. Despite the current global environment, the company is committed to hiring over 100 professionals in Brazil and across the globe 2022.
CAF’s unique approach to identity verification and digital onboarding empowers businesses to innovate and scale faster, easier, and more securely. CAF’s platform leverages several advanced technologies, including artificial intelligence, document verification and facial authentication to ensure that individuals are legitimate. It is the only company in Brazil to have a security certificate for its own proof-of-life technology, the ISO 30107-3, granted by iBeta Quality Assurance.
Member of CAF’s Board of Directors, Andrew Prozes sees the company as one of the most promising in the Latin American technology market. “We are very happy to contribute and take part in the expansion of an incredible company with a huge potential. In a short time, CAF has quickly established itself as one of the best anti-fraud companies in Brazil and will soon be among the global leaders in this market.”
According to Green, the proper management of online and offline identities has become imperative to the success of companies, and CAF’s products stand out for streamlining a range of daily activities, while facilitating business, increasing security, and enhancing the customer experience. “I’ve been following the Brazilian technology market for a few years now. I am increasingly impressed with the fintech sector development capacity in Brazil, and CAF is a perfect example of a company that is able to compete on a global scale. With our investors, we now have partners that match our ambition for redefining the future of identity with innovation not only in technology but a fundamental shift in the business model.”
This brings the total fund raise to BRL 130 MM in transactions since 2021, when Mr.Green became the CEO. The new round of funding will go towards innovation, platform development, new hires and global expansion.
CAF (formerly Combate à Fraude) offers businesses – including banks, retailers, fintechs, marketplaces and more – innovative identity verification and digital onboarding solutions to make the validation of transactions and registration of customers, partners and suppliers faster, easier, and more secure. Leveraging several advanced technologies, including artificial intelligence, the system checks the authenticity of documents and uses facial authentication to ensure that individuals are legitimate. The company has already provided document verification capabilities to companies in more than 50 countries. With only 3 years of existence, it is the first Brazilian company with iBeta Quality Assurance certification for its identity validation technology. Current customers include Magalu, AB-Inbev, N26, Cora, Localiza, Zoop and others. To learn more, visit www.caf.io