Merchant risk and compliance management software developer ZeroRisk has raised $4m (€3.8m) from investors including Elkstone.
Founded in 2023, the Dublin-based start-up plans to use the funding to expand its presence in the US, where it currently serves a number of Tier 1 acquiring banks.
ZeroRisk's technology is intended to streamline payment card industry compliance and provide real-time data insights to acquiring banks, payment service providers, digital sellers, and other financial institutions to manage complex portfolios.
The Merchant Management platform allows users to manage all aspects of merchant risk and compliance such as the Payment Card Industry Data Security Standard and the NIST Cyber Security Framework.
By leveraging vast amounts of data, the platform provides real-time analytics, dynamic risk scoring, and actionable insights, in turn helping organisations to identify vulnerabilities and surface cyber risks before they become critical issues.
The platform also integrates automated compliance workflows and a curated solutions marketplace, allowing users to proactively enhance performance, and improve decision-making.
“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’” said Gary Nolan, co-founder and CEO of ZeroRisk.
“This funding allows us to scale globally and continue delivering innovative solutions to our customers.”
ZeroRisk has been launched at a time when the payment card industry is grappling with increasingly sophisticated cyber threats and mounting regulatory demands.
Some 80% of companies globally fail to meet Payment Card Industry (PCI) compliance standards, particularly in the SME space, which ZeroRisk believes underscores the critical need for enhanced security measures and strict adherence to evolving regulations.
The company is set to add 40 staff across a variety of roles, including science, user experience, product, engineering, and sales and marketing.
“ZeroRisk is uniquely positioned to help acquiring banks manage the complexities of merchant portfolios in an evolving cyber risk landscape,” said Niall McEvoy, head of Venture at Elkstone, which has backed LetsGetChecked, Zerve and Cytidel.
“Their scalable solutions and innovative use of AI are setting a new standard for risk management in the payment ecosystem, and we’re proud to support their ambitious plans for growth.”
ZeroRisk made a loss of €222,500 in its first year of operations. The company's latest available accounts list intellectual property worth €777,700 among its intangible assets.
ZeroRisk shareholders advanced the company more than €1.1m in non-interest-bearing loans in 2023 to fund its growth, including €693,700 from directors Ciaran McGloin and Marco Borza, who were involved with Advantio prior to its acquisition by Integrity360.
Photo: ZeroRisk co-founders (l-r) Francesco Consiglio, Gary Nolan, and Marco Borza. (Pic: Supplied)
