Spanish cybersecurity firm buguroo, which enables banks to combat financial fraud, has raised $11m in Series-A funding.

The round was led by Ten Eleven Ventures and Seaya Ventures, who were joined by existing investors Inveready Technology Investment Group and Conexo Ventures.

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The proceeds will support buguroo’s global expansion plans as it seeks to move beyond Europe and Latin America markets.

A section of the new money will also be used to ramp up product development including ‘Fraudster Hunter’.

Fraudster Hunter detects and tracks the behavioural patterns of fraudsters and assesses their modus operandi. Incorporated into buguroo’s anti-fraud solution, it is designed to support financial services companies tackle digital fraud.

buguroo founder and CEO Pablo de la Riva said: “With focused, regional investment in sales and marketing, we have proven the power of our solution.

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“We are thrilled to have the support of our new investors, who are enabling us to continue to bring this best-in-class solution to banks around the globe and accelerate our mission of continuous innovation in online fraud detection.”

Currently, buguroo supports more than 50 million financial services clients located in Europe and Latin America.

Its technology is designed to protect the customers from cyber-attacks, synthetic fraud and malwares.

The technology utilises deep learning and customer’s behavioural biometrics to create a ‘cyber profile’ for each user. These cyber profiles, also called digital DNA, prevent account manipulation and impersonation.