Austin, Texas - Irish Identity verification company, Trustev, last night took top prize at the worlds most prestigious technology startup awards in Austin, Texas.
The SXSW Accelerator competition has become the worlds leading indicator of the hottest trends in technology. Over 1,000 companies from all corners of the globe applied for the grueling six month application process, narrowed down to 50 finalists who presented over two days at the worlds largest technology festival to some of the worlds top technology leaders.
Speaking after the victory, Trustev CEO Pat Phelan spoke at his delight on picking up the accolade. "We're over the moon to be bringing this award home to Ireland. It comes at a great time for us as we prepare to open our US office in New York in just a few weeks. Ireland had an incredible presence at the event this year. Our startup cousins, ViddyAd put in an incredible performance in their category which was the talk of the event. The Irish pavilion organised by Enterprise Ireland was one of the centrepieces of the trade show. Once again Ireland boxed far above its weight in the global technology community. We've spoken to several companies who are planning to set up operations in Ireland as a result".
Trustev drew huge attention last August when the EU Commision named them Europe's Top Technology Startup. In October they raised one of Europe's largest ever seed rounds $3.5m from some of the worlds top investors. Since then they've been named one of Forbes magazine's hottest global startups on top of a host of other accolades.
Based in Cork, in less that twelve months the company has grown from 3 to 19 employees and now has over 100 customers in five countries. They protect online transactions against fraud by verifying the identity of customers prior to payments being completed. The solution not only protects businesses from fraud, it also reduces the costs of policing fraud significantly and even increases revenues by allowing merchants to process transactions that would be refused by traditional providers. False positive fraud results are the bane of modern ecommerce; destroying customer trust, substantially increasing policing costs and causing untold missed revenue opportunities. Last year one US payment gateway estimated that they turned away $25.5 billion of genuine orders on their platform, purely because of fear of fraud. Trustev offers a totally modern approach ecommerce fraud prevention through real-time online identity verification focusing on validating the individual making the transaction, not just the payment method they're using.
This award positions Trustev on the same path as previous success stories at SXSW like Twitter, Foursquare and Facebook, Siri, Klout and Uber.