US-based cyber security provider DefenseStorm has raised $15m in its Series C funding round, which brings its total funding to date to $67m.
The latest funding round was led by a $5m investment from JAM FINTOP, which is a venture fund with over 80 community and mid-sized banks as partners.
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The remaining investment came from DefenseStorm’s existing investors.
DefenseStorm provides cloud-based cyber security, compliance and fraud technology and manages services to financial institutions.
DefenseStorm CEO Steve Soukup said: “DefenseStorm and JAM FINTOP are fully aligned in our missions to make the best technology available to community banks. Our comprehensive approach to cyber risk makes it possible for all banks to take the right steps to protect their assets, customers, and reputation.
“Our integrated technology platform is purposefully built for banking, meaning everything we do is designed to meet the demanding requirements and regulations placed on banks. Additionally, our team of cyber experts provides the much-needed resources that many banks struggle to hire and retain.”
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By GlobalDataAccording to DefenseStorm, an average community bank faces 90 million cyber threats daily and most of them do not have the technological and human resources and expertise to deal with them.
The firm said it is working with JAM FINTOP to bring together different stakeholders to share incidents to better deal with cyber incidents.
FINTOP Capital general partner John Philpott said: “Many of our community bank partners don’t have the resources to develop and implement technology the way the massive global banks do. As a result, they are actively looking for solutions to improve their competitiveness and financial performance.”
