Pioneering the prevention of banking fraud

Vaud-based company NetGuardians has developed an innovative technology to help fight financial crime and is currently supplying its solutions to companies in over 25 countries across the globe.

NetGuardians is a company based in Yverdon-les-Bains that is active in fintech and has gained worldwide recognition for its financial crime prevention solutions developed by experts specializing in risk, in particular among financial institutions. “We combine our understanding of the sector and our advanced analysis technology to lead the fight against financial crime,” explains spokesperson Mine Fornerod.

Given that financial institutions have their own organizational systems and capacities when it comes to risk, NetGuardians’ solutions are adapted to each specific demand, with their packages helping banks to fight internal, payment, digital banking fraud as well as other such crimes. The company launched its Anti Money Laundering (AML) transaction monitoring solution in 2022 to help financial institutions uncover money laundering risks and meet regulatory requirements. Furthermore, in 2023 Switzerland’s leading payment app Twint chose NetGuardians’ software to bolster fraud mitigation with real-time transaction monitoring.

Invaluable support from the economic promotion

When it first began, NetGuardians received financing from the Foundation for Technological Innovation (FIT), enabling the company to get started. “Our attachment to the region is deep-seated,” says Fornerod. “We were born here. The prototype of the software was developed by Joël Winteregg at the HEIG-VD. We have a global vision, but with Swiss roots firmly planted in the canton of Vaud.”

Over the years, the company has established partnerships and synergies with companies such as Finastra, Swisscom, SWITCH-CERT, KPMG Geneva, and Sysmosoft (which also came out of the Y-PARC). NetGuardians is now classed as a scale up, having raised capital on four occasions – the first for a million francs in 2011, the second for CHF 5 million in 2014, the third for CHF 8.5 million in 2017, and the fourth for CHF 17 million in 2021.

The business owes some of its global success to the support it received from the Office for Economic Affairs and Innovation (SPEI). “This department has helped us financially in recent years in the scope of our sales and marketing activities abroad,” Fornerod says. “For example, we obtained financing for the international events which we took part in and where we presented our solutions. This enabled us to branch out into new markets and to get Scale Up Vaud certification.”