We started the new year with a bang. In January, Cybertonica secured £2 million in Series A funding. This was received for our ScreenWiZe and Anomalytics products from the London-based Venture Capital firm Force Over Mass Capital (FOMCAP), with the participation of TrueSight Ventures and Springboard. This funding helped our London team grow in size and set our aspirations sky high for the year ahead.
Also, we flew to Paris! Cybertonica showcased at the Paris FinTech Forum 2020, one of Europe’s leading FinTech events. We shared our award-winning technology in the innovation hub and pitched to over 100 investors. Also, our CEO Joshua Bower-Saul spoke in an interactive panel on the fight against fraud in a digital world. It was a busy month.
In early February, we set up in Excel London to exhibit at the ICE London gaming roadshow. Our team networked with gaming businesses and shared how our ScreenWize Gaming360 solution could reduce fraud and protect gaming providers, e.g from prohibiting players!
Later that month, we were shortlisted as finalists for the Best Technical and Service Provider and Organisation Award at Merchant Payments Ecosystem 2020 Awards (MPE 2020 Awards). It was a great achievement for our team to be recognised by payments and FinTech industry leaders for our behavioural ScreenWiZe product.
We’re always keen to grow and learn! In March, we were successfully selected to join the SAP Global Partner Accelerator. The competitive program was led by our Russian team. The exciting collaboration meant we gained access to cutting edge new technologies, as well as being exposed to over 20,000 global customers in the payment, risk and banking industry.
March became a difficult month for many as the COVID19 pandemic forced countries into lockdown. For many, the migration to remote working and working from home (WFH) was an overwhelming experience. We helped reach out and offer advice on how to stay cyber safe by publishing our first COVID-19 blog,
Our developers were kept busy in April, working on new releases and ensuring our cyber solutions remained cutting edge. However, they found time to digitally attend the SAP NOW Moscow Conference 2020 to present our AI fraud management tools in the Digital Finance sector.
How can banks turn fraud prevention costs into profits? Our Co-Founder Sergey Velts was interviewed by Banks of Russia to discuss just that. They shared valuable insights on why it is vital for small to medium sized banks to establish an up to date competitive anti-fraud system. Alongside discussing the clear benefits this can derive to increase revenues.
We spoke at lots of great events this year, including virtual ones!
For example in June at the Payment Systems Regulation and Innovation Online Conference, we discussed the impact of COVID-19 on the security of payments with Tony Craddock, the Director General of the EPA. One key takeaway from the discussion was how we can reduce the risk of fraud and cyber risk in the next generation of payments security. As well as, understanding how to shape, and re-shape the payment industry considering the regulatory issues, privacy concerns and data access.
Later in June, we exhibited in the start up village at CogX 2020. We set up our virtual booth at the Global Leadership Summit and Festival of AI & Emerging Technology to spread the word about Cybertonica. It was great to be showcasing on the online platform and having the opportunity to digitally network again.
And we finished the month with a new partnership! Cybertonica partnered with Extra Loyalty, the award-winning Turkish loyalty and wallet platform which specialises in end-to-end customised loyalty programmes and mobile technologies. This exciting partnership allows us to extend our reach into retail and loyalty fraud protection As well as, giving us access to Eastern European, the Near East and African markets to protect Extra Loyalty’s customers with our intelligent risk and fraud management platform.
What did July hold in store for us? With COVID-19 lockdown restrictions still firmly in place, we engaged online at more conferences and roadshows.
The Future of Payments Conference with Vendorcom welcomed our CEO Joshua Bower-Saul to speak on a Behavioural Biometrics and 2-Factor Authentication panel. There was a lively debate on the alternative solutions in SCA and the security and concerns surrounding these solutions. We also learnt about central bank digital currencies, open banking and web authentication in payment innovation.
August marked our 5 year anniversary, a great milestone. What better way to celebrate than with some award shortlists! We were delighted to be shortlisted for two awards at the EPA Awards 2020. Firstly, for the Best Back Office Innovation for our GoFrictionless solution, and secondly, for the Most Innovative Merchant Services Solution for our ScreenWiZe solution.
Also, we were shortlisted for the PayTech Awards 2020 as a finalist for the Best Use of Security & Anti-Fraud Solution in the Payments Category for ScreenWiZe. Being recognised as leading solution providers in the industry is a testament to all our Cybertonican’s hard work and dedication to trusting in transactions.
Continuing the celebrations, Cybertonica was listed as Business Cloud’s top 100 Fintech Disruptors. It was a great achievement to be commended with some of the most innovative FinTech start-ups, scale-ups and established companies.
ADD Behaviour ID and SCA qualification for ScreenWiZe products. ——
New product release! At the end of November, we released our latest solution, eComm360 Fraud Protection. Just in time for the holiday season, eComm360 offers enterprise-level protection and enhanced conversions while eliminating the headache of fraud and chargebacks. It allows both large and small and independent online businesses access to the same expert solutions as #ecommerce powerhouses.
Also, we were fortunate to hold a fireside chat with Jane Butler, our Chairwomen. Hosted by the EPA, the webinar discussed how crucial diversity of thought is and how we can encourage #WomenInTechnology. Other topics explored included how to keep bias out of payments, and encourage diversity. We explored how Cybertonica has taken key steps to break this lack of diversity mould in technology, with 6 new hires this year being female, bringing our London team to be 46% gender balanced. It’s definitely a great start!
We’re finally wrapping up the year. Following on from our eComm360 release, we have seen ecommerce sales reach all time highs. Therefore, we focused on our merchants, and shared the top threats to their profits, including phishing, refund fraud and chargeback costs in a detailed blog series.
While this year may not have panned out exactly as expected for us at Cybertonica, we’ve kept going. Our dedicated team has learnt a lot, built a lot and grown a lot. 2020 was action packed, but in 2021 we’re only hoping for bigger and brighter successes.