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Featured Startup: Subuno
Elevator Pitch
Subuno provides a “one stop shop” fraud prevention solution to help small and medium sized online merchants reduce credit card fraud and save money. Designed and built with business founders in mind, Subuno allows non-technical people to manage fraud prevention, automate and speed up order review and improve overall operational efficiency, all without having to rely on their IT team.
Credit card fraud is a problem that costs online merchants billions of dollars every year. On average, online merchants lose about 5% of their total online revenue due to fraud and good orders that were rejected due to concerns of fraud.
Subuno aims to help merchants improve their bottom line by curbing these losses. Fraud losses doesn’t have to be thought of as just the “cost of doing business online”.
The Team
Ed is the chief architect and visionary of Subuno. Prior to founding Subuno, he ran the business development team at an IP geolocation and fraud data solution provider. In his role, Ed worked with partners to embed fraud screening technology, and assisted clients in developing their fraud screening strategies. Under his management, the company grew from screening 1 million e-commerce transactions a month to over 30+ million a month. Ed has a bachelor's degree from Boston College.
Mark is a co-founder of Subuno. Prior to founding Subuno, he was a payment manager at Nexon Amerca. He directed and oversaw the implementation of Nexon’s payment services, including the prepaid game cards, credit cards, Paypal, and other networks. He led the effort to launch and change Nexon’s game card into a universal prepaid card. Mark holds an engineering degree from Columbia University.
Rita is a co-founder of Subuno. Prior to joining Subuno, she was a patent attorney. Prior to attending law school, she consulted for Accenture and enjoyed coding asset management programs for a large telecommunication client. Rita received two bachelor's degrees from MIT and received her JD from BU school of Law.
Founders Q&A
(Q) Why did you decide start this business?
(A) We decided to start this business because we saw an opportunity to help SMBs tackle an issue that is costing billions of dollars a year ($7B to be exact). We want to help them access and leverage tools they can use to fight credit card fraud, make their online store more profitable and help them scale and grow as store revenues continue to shift from off-line to on-line.
Having worked with companies large and small, we heard the same complaints from customers: insufficient IT resources, inflexible setup to allow quick adoption of new technologies/rules to react to changing fraud patterns and lack of appropriate solutions for small and medium sized merchants. So Subuno was designed and built to address those issues.
(Q) What one piece of advice would you give to other start-up founders?
(A) Be bold! Follow your vision but listen to your customers.
(Q) Why would you recommend NY as a good place to start a company?
(A) NYC is great and has a great community. There are lots of startups and interesting people to meet and learn from.
(Q) What's next for Subuno?
(A) We have many key distribution partnerships in the pipeline so part of what we are focused on right now is making sure that we can scale as needed.
We plan to continue to add features requested by our users as well as ones that we believe would make our platform more turnkey, even more easier to use, even more “set it and forget it”. That means more integrated tools from partners as well as home-grown proprietary fraud prevention technologies.
We are also working on building vertical specific features and exploring opportunities to work in new areas related to traditional e-commerce stores. For example, recently, we’ve getting a lot of interests from payment aggregating companies, so we are looking to build out functionalities that can serve this interesting sector to help them screen for potential fraud.
Learn more about Subuno from their website.
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