Trustev on top of the world at SXSW

By: March 10, 2014
There is an estimated $20 billion online shopping fraud problem every year and Trustev aims to be part of the solution to this problem There is an estimated $20 billion online shopping fraud problem every year and Trustev aims to be part of the solution to this problem

Irish start-up Trustev walked away with the top prize, and $4,000 in cash, at the coolest tech event on the planet, SXSW, last night.

The SXSW Accelerator prize is one of the most sought after in the tech world, considering its former winners include Facebook, Twitter, Uber and Foursquare.

Last August, Trustev was named as Europe’s Top Technology Startup by the EU Commission and last October it raised over €3 million in VC funds.

The Cork-based company, which has 19 employees and over 100 customers worldwide sells an identity verification tool that gathers data from a person’s social and digital profiles along with other pieces of static data. It can determine if someone is who they say they are, and can build a ‘social credit score’ on that person – invaluable information for companies who want to invest in people, do business with people or lend them money.

Online shopping is a $680 billion market and will grow to $1 trillion in the next few years. There is an estimated $20 billion online shopping fraud problem every year and fraud is growing at twice the rate of the market. This is a main reason Trustev is seen by investors to have huge potential.