The SaaS CFO $17M Series A to Secure End-to-end Payments for Businesses
In this episode of The SaaS CFO Podcast, our host Ben sits down with special guest Shai Gabay, the co-founder and CEO of TrustMi. Shai shares the fascinating story of his background, from his early days disassembling electronic devices to his time in the Israeli intelligence corp and his transition into the world of cybersecurity and fintech.
He goes on to discuss the innovative products and services that TrustMi offers, focusing on solving the problem of B2B payment fraud. Shai also delves into the company's journey, from its founding to securing $21 million in funding.
With insights into the challenges of protecting B2B payment flows in the age of AI, this episode offers a captivating look into the intersection of cybersecurity and fintech.
Show Notes:
00:00 Reported $32 billion B2B payment fraud loss in 2020, prompting further investigation.
03:41 Spoke to 150 CFOs, 70% SMBs, learned wire transfers are scary, manual controls used, 9 out of 10 suffered loss.
08:56 SaaS software streamlines B2B payment security with quick deployment.
10:36 Focused on value, leveraging historical data to show immediate results in payment flow and fault detection.
16:09 Launching a company requires market validation and understanding customer needs.
18:26 Founders took time to validate idea before seeking funding, focused on product market fit and customer sales before scaling and marketing.
21:20 Investors seek solid business evidence, paying customers.
24:25 Organizations educated on detecting sophisticated cyber threats.
Links:
SaaS Fundraising Stories: https://www.thesaasnews.com/news/trustmi-raises-17-million-in-series-a
Shai Gabay’s LinkedIn: https://www.linkedin.com/in/shaigabay/
Trustmi’s LinkedIn: https://www.linkedin.com/company/trustmi-ai/
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