Fraud prevention services provider Pitchpoint Solutions has secured a $4.5m growth capital facility from CIBC Innovation Banking.

Based in Toronto, Pitchpoint delivers solutions that enable early identification of fraud risks.

The service helps the financial institutions identify fraudulent loan applications as well as ensure compliance with mandatory fraud prevention regulations.

The company, which also serves other industries, intends to use the proceeds to fuel growth.

CIBC Innovation Banking Toronto office managing director Paul McKinlay said: “Pitchpoint has a very strong competitive positioning in the US fraud verification market.

“We are excited to work with the company and support their growth.”

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Pitchpoint CEO Stephen Schrump said: “We are committed to providing a product that continues to evolve and support creditors of all types across the US.

“We look forward to working with CIBC Innovation Banking as we continue to grow our business.”

CIBC Innovation Banking, backed by Canada’s CIBC, provides guidance and funding to innovation companies based in North America at each stage of their business cycle.

The company has offices in several cities including Atlanta, Austin, Chicago, Denver, Menlo Park, Montreal, New York, Reston, Toronto and Vancouver.

Last month, CIBC halted the sale of a $797m stake in its Caribbean unit after regulators rejected the deal.

CIBC was planning to divest two-thirds of stake in CIBC FirstCaribbean to GNB Financial Group.