Fraud detection software startup ACL has revealed that it has secured $50mn in funding from Silicon Valley venture capital firm, Norwest.
As an eight-time winner of the GRC 20/20 Technology Awards, ACL is considered a significant innovator within the software as a service (SaaS) industry.
“Today's announcement is validation of the transformation we have already driven and a strong vote of confidence in our belief that we are best positioned to dominate the massive and underserved market for risk and performance management software,” said Laurie Schultz, president and CEO of ACL.
ACL currently has over 7,000 existing customers across 140 countries globally that it works with to manage risk, detect fraud and comply with ever-changing industry regulation.
The Vancouver-based company joins Norwest’s existing portfolio that includes the likes of Spotify and Uber.
“ACL already has scale, an industry-changing vision, and an impressive customer base,” said Robert Arditi, partner at Norwest. “We believe it is the company's outstanding culture that will drive success in the fractured risk and performance management software space.”
ACL will attempt to use its first ever outside capital investment to consolidate its position within an expansive $36bn integrated risk and performance software market.