ZeroRisk, an Irish firm specialising in compliance and cyber risk management tools for the payment industry, has secured $4m in a funding round.
According to Finextra, the investment was spearheaded by Elkstone, a notable player in venture capital. Founded just last year, in 2023, ZeroRisk is becoming a key resource for acquiring banks, payment service providers, digital sellers, and other financial institutions.
The company is known for its advanced software that simplifies compliance with the Payment Card Industry Data Security Standard and leverages the NIST Cyber Security Framework. By offering real-time analytics and dynamic risk scoring, ZeroRisk helps organisations pinpoint vulnerabilities and tackle cyber risks proactively.
The new capital will be channelled into broadening ZeroRisk’s international footprint, particularly focusing on the US market. Here, the company already provides services to several Tier 1 acquiring banks. According to Gary Nolan, co-founder and CEO of ZeroRisk, this funding is a crucial step for the company. “ZeroRisk’s platform sets a new standard for merchant risk management at acquiring banks, expanding beyond cybersecurity and compliance to address broader merchant risks and other critical compliance standards,” he explained.
Nolan further detailed that the investment will be used to facilitate global scaling and foster the continuous development of innovative solutions. The expansion plan includes recruiting for 40 new roles spanning various departments such as data science, user experience, product development, engineering, and sales and marketing.
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