Creednz Raises $7 Million to Battle Payment Fraud

Israeli startup Creednz has finalized a $7 million fundraising round led by Blumberg Capital with participation from Elron Ventures and Moneta VC. Co-founded by Rivian Motors’ former CISO, Johnny Deutsch (CEO), and Moshe Elgressy (CTO), Creednz aims to help finance departments with controls designed to combat the ever-evolving landscape of threats that pose risks of financial loss and more.

While most companies focus on data, Creednz looks to integrate its platform directly with finance departments to protect their money. According to a report by Creednz, more than two-thirds of U.S. corporate finance departments report some sort of breach that has not only cost them money in the past 12 months but significantly harmed their reputation.

The data, prepared by Creednz alongside the Ponemon Institute, helmed by Dr. Larry Ponemon, a former senior partner at PWC and founder of the firm’s global compliance risk-management group, showed that 88% said their organizations had at least one payment transaction fraud in the past two years, while 76% of respondents said it took more than a month to more than a year to discover and remediate these incidents.