The company has attracted significant private investment from leaders in the UK’s financial services community, such as Martin Gilbert, CEO of Aberdeen Asset Management, and Dame Alison Carnwath, chair of Land Securities, while the company’s advisers and non-executive directors include Jim Cummings, former CEO of Pilgrim Systems, a leading legal software business sold to Thomson Reuters, and Colin Grannell, former managing director of Visa UK and a respected figure in the global card payment industry. The investment has allowed Payfont to make high-calibre appointments to its international team, including Dr Lu Fan, who has joined as Chief Science Officer, and Martin Nolan, as general counsel.
Dr David Lanc, Payfont’s founder and CEO, said: “Our technology brings generational advances in protecting peoples’ identities and securing confidential data. These are acknowledged concerns in boardrooms and now the subject of impending European Union regulations, such as GDPR and PSD2.’’
The case for increased investment in cyber-security products are compelling. JP Morgan Chase has reportedly doubled its annual cyber-security budget from $250 million to $500 million. Bank of America has publicly stated it has an unlimited budget when it comes to combating cyber-crime. The US government has increased its annual cyber-security budget by 35%, going from $14 billion budgeted in 2016 to $19 billion in 2017.
The online retail and banking industries are losing the war against fraud…
“The online retail and banking industries are losing the war against fraud and it is the customer and company shareholder who continue to pay this heavy price. Our technology helps reduce fraud and creates a ‘trusted’ network that is sorely required,’’ said Dr Lanc.
Payfont has raised over £4.5 million for its development, giving it an estimated pre-revenue valuation touching $80 million (£65 million). Ian Paterson Brown, the finance director, said: “We are closing our funding round on 31st March. We set a target of £2.5 million and we are rapidly approaching this with support from a number of new high-net worth individuals. Their current valuation of $80 million is unique for a pre-sales technology company based in the east coast of Scotland.’’