Cybertonica names David Parker, leading payments consultant, as Non-Executive Director and opens new investment round
7 June 2016
Cybertonica, UK FinTech firm based in London, has welcomed leading payments consultant David Parker to its board as Non-Executive Director and opened its new investment round.
Cybertonica is specialising in reducing basket drop-off for e-commerce and mobile merchants. It delivers this through an AI risk management solution that offers frictionless checkout, enhanced revenue generation and increased conversion for global online and mobile transaction platforms, all within the context of world-class fraud management systems.
The Company has earned customer praise for reducing secondary authentication (3DS) dynamically so as to increase conversion online and mobile purchasing by up to 25%. In addition, its industry-leading artificial intelligence engine is self-optimising and serves to protect payment data and identities.
David Parker, with Polymath Consulting, played a recognised role in the transformation of the payments landscape over the last 20 years. As an advisor to many of the world’s major payment and card businesses, he is equally present in the FinTech startup scene, particularly in London. Parker has a closely followed blog and served as mentor and jury member in dozens of FinTech innovation events and organisations. David and Cybertonica began working together during the Company’s early phase of development in the accelerator program,Startupbootcamp FinTech London. David Parker commented:
“Global e-commerce sales are growing at 20% plus a year and worth over $2 trillion, but 60% of all fraud is around online payments. I am thus incredibly excited to be joining the Board of Cybertonica as I truly believe they can offer major solutions for this fast expanding dynamic market.”
Cybertonica has also opened a round of financing for the summer of 2016. Joshua Bower-Saul, the CEO, stated the Company has had enthusiastic reception for its products in the C-suites of some of the world’s biggest payment institutions and is working on a vision of payment identity and authentication that will make it a leader in the post-PSD2 world. He added:
“We are raising on slightly lower multiple ranges compared to our better-known US competitors, but we will have a solid revenue base by the end of our first year of activity, whereas many of them spent 6 years building technology that we already have matched or surpassed in less than 18 months.”