Microsoft leads funding for nsKnox
Through its investment arm, M12, Microsoft (MSFT) has led a funding round that has raised $15 million for nsKnox, a startup aiming to make corporate payments more secure. Microsoft was joined by venture capital firms Viola Ventures and Discount Capital in the nsKnox funding round.
With offices in the United States and Israel, nsKnox provides payment protection solutions to companies. Its solutions help companies verify and secure payment transactions to protect against financial losses and reputational damage.
Securing corporate payments
Securing payment transactions has become more pressing than ever for businesses, with the latest report from the Association for Financial Professionals showing that 78% of companies were victims of payment fraud in 2017, up from 74% in 2016. With the funding from Microsoft and others, nsKnox intends to invest in enhancing its technology and expanding its global footprint.
The ticket to the future of payment protection
For Microsoft, the investment in nsKnox brings it closer to technology that it may want to adopt to secure its payment transactions. Microsoft is also getting exposure to a startup with a seemingly bright future considering the growing risk of payment fraud facing companies. Microsoft wants to be a part of nsKnox’s journey as the startup grows and expands.
Microsoft’s revenue rose 12% YoY (year-over-year) to $32.5 billion in its second quarter of fiscal 2019 (ended December). Meanwhile, SAP’s (SAP) revenue rose 9.0% YoY and VMware’s (VMW) grew 13.5% YoY, and IBM’s (IBM) fell 3.5% YoY and Oracle’s (ORCL) fell 0.3% YoY.