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Money laundering detection firm EverCompliant raises $35 million

JERUSALEM (Reuters) - EverCompliant, a U.S.-Israeli electronic money laundering detection and prevention company, said on Thursday it raised $35 million in a private funding round led by Israeli venture capital firm Red Dot Capital Partners.

New investor Maor Investments also participated, along with existing backers Joey Low, Viola Ventures, Arbor Ventures, and American Express Ventures, it said.

The company also said it had rebranded as EverC and that its funding round would meet growing demand from banks, credit card companies, payment processors, payment facilitators, online marketplaces and law enforcement agencies for online fraud products.

It said its data showed that some $500 billion is laundered annually through fraudulent e-commerce transactions over credit, debit, prepaid and other cards.

EverC is headquartered in New York City with offices in Tel Aviv and Shanghai.

Reporting by Steven Scheer; Editing by Tova Cohen

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