Vesta Lands Investment for APAC Expansion

Vesta Lands Investment for APAC Expansion

August 6, 2020

Vesta, which secured a $125 million funding round this spring, has followed that with a strategic investment from a Singapore-based firm that will enable the company to expand quickly in Asia. The Portland, Ore.-based antifraud technology provider said the capital infusion from investment firm EDBI will enable it to establish regional headquarters in Singapore and pursue a strategy of growth in the Asia Pacific market.

“APAC is a region that has an immediate need for our firm’s solutions and it was a natural choice to make Singapore our regional headquarters,” said Shabab Muhaddes, Vesta’s general manager for Asia Pacific. “We are thrilled to partner with EDBI and be part of their portfolio family, and we are looking forward to working together to build and grow partnerships across the region.”

According to a report from Experian cited by Vesta in its announcement, fraud losses experienced by APAC merchants—via fraud types including account takeovers, clean fraud, e-skimming and more—increased by 50 percent from 2018 to 2019.

Vesta did not disclose the value of the investment.

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