Digital trust startup Sift revealed today that it has raised $50 million in new funding to allow it to continue expanding its product portfolio.

The round was led by Insight Partners and included Union Square Ventures and Stripes. The new funding was raised on a unicorn valuation described as more than $1 billion.

Founded in 2011, Sift offers a trust and safety suite created to secure businesses at scale and support growth. Sift’s suite is designed to stop account takeovers, payment fraud and scam content from destroying a brand’s identity. The company has a core mission of creating an internet that everyone can trust, something it claims to have done for more than a decade by adapting its real-time machine learnings technology faster than fraudsters can adopt new strategies.

Over a year into the COVID-19 pandemic, Sift noted that it has played an influential role in scaling and evolving fraudsters’ abuse tactics. Fraud vectors are allegedly no longer siloed in that they have advanced into a vast, crowded and interconnected network Sift describes as the “Fraud Economy.”

Sift says it has processed more than $250 billion in transactions in 2020. Notable customers include Twitter Inc., Airbnb Inc. and Twilio Inc.

“Sift has seen incredible traction in the market because of its massive global network and advanced machine learning technology,” Jeff Lieberman, managing director at Insight Partners and Sift board member, said in a statement.

Including the new funding, Sift has raised $158.1 million, according to data from Crunchbase.

Image: Sift