The company seeks to address the growing challenges in the payment card industry. Credit: ViDI Studio/Shutterstock.

Irish cybersecurity and risk management company ZeroRisk, which serves various US banks, has secured €3.8m ($4m) in funding.

The funding round was led by Irish investment house Elkstone.

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Elkstone venture head Niall McEvoy said: “ZeroRisk is uniquely positioned to help acquiring banks manage the complexities of merchant portfolios in an evolving cyber-risk landscape.

“Their scalable solutions and innovative use of AI are setting a new standard for risk management in the payment ecosystem, and we’re proud to support their ambitious plans for growth.”

ZeroRisk plans to utilise the new funding to broaden its operations internationally, with a focus on the US market.

The company is currently recruiting for 40 positions across various departments, including data science, user experience, product, engineering, and sales and marketing.

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The company seeks to address the growing challenges in the payment card industry, including escalating cyber threats and regulatory pressures.

Established in 2023, the company specialises in providing data solutions for banks, payment service providers, and digital merchants.

The company’s software enables organisations to detect vulnerabilities and cyber risks before they escalate into significant problems.

ZeroRisk co-founder and CEO Gary Nolan said: “ZeroRisk’s platform sets a new standard for merchant risk management at acquiring banks, expanding beyond cybersecurity and compliance to address broader merchant risks and other critical compliance standards.

“This funding allows us to scale globally and continue delivering innovative solutions to our customers.”