Allure Security raises $10 million in Series A Funding

Allure Security, a leading provider of online brand protection services, has successfully closed a $10 million Series A funding round. The round was spearheaded by Curql, a strategic fintech investment firm, with participation from new investor Jens Montanana, Datatec’s Founder and CEO, alongside existing backers Glasswing Ventures, Zetta Venture Partners, Gutbrain Ventures, and PBJ Capital.

This financial milestone comes at a critical time as Allure Security’s data indicates a worrying trend: a 100% increase in financial institution impersonations and a 43% rise in brand impersonation scams in early 2024, compared to the same period last year.

The Anti-Phishing Working Group has labeled 2023 as the “worst year for phishing on record,” highlighting the escalating threat landscape.

Josh Shaul, CEO of Allure Security, emphasized the urgency of evolving beyond reactive fraud defense strategies. “Financial institutions are bleeding tens-of-thousands of dollars per fraud incident, not to mention the irreparable harm to their reputation and customer trust,” Shaul stated.

“The future of cybersecurity lies in proactive, AI-driven detection and rapid response, which our team delivers with unparalleled efficiency.”

The fresh capital will fuel Allure Security’s expansion, particularly in research and development, sales, and marketing, as the company aims to solidify its market dominance.

Already boasting a growing clientele, high retention rates, and accolades as a top-rated online brand protection software on Gartner’s Peer Insights, Allure Security is poised for further growth.

Leveraging advanced machine learning, computer vision, and generative AI, Allure Security outpaces traditional brand protection methods by swiftly identifying impersonations across the digital spectrum.

The company’s elite response team, comprising former U.S. Military Special Forces, ensures the industry’s highest success rates in takedown operations.

Nick Evens, President and CEO of Curql Collective, expressed confidence in Allure Security’s approach. “Investing in Allure Security aligns with our mission to advance fintech and protect credit union members’ interests. Their innovative use of AI is revolutionizing how we combat online fraud, a vital aspect for credit unions to thrive in a competitive landscape,” Evens remarked.

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