ZeroRisk closes $10M Series A funding round
ZeroRiskCompanyMiddleGame VenturesInvestor
ElkstoneInvestor
ZeroRisk secured a $10 million Series A on Sept. 9, 2026, led by MiddleGame Ventures with Elkstone participating, to fund global expansion and deepen its cyber‑risk platform for banks and payment providers.
ZeroRisk closed a $10 million Series A round on Sept. 9, 2026, with MiddleGame Ventures as lead investor and Elkstone participating. The Dublin‑based startup, which serves banks and payment processors, will use the capital to accelerate its international rollout and deepen its SaaS platform.
The round adds to the backing of existing backer Elkstone, underscoring confidence in ZeroRisk’s approach to merchant‑level cyber risk. While the company did not disclose a post‑money valuation, the $10 million infusion is earmarked for hiring, expanding the engineering team, and building out the operational infrastructure needed to support large‑scale deployments.
ZeroRisk’s platform aggregates risk monitoring, compliance, education, guided remediation and protection services into a single dashboard for payment providers. Its client roster already includes Bank of America, Global Payments, Checkout.com and Trust Payments. Management projects revenue to triple in 2026 as contracts move from pilot to full deployment and the firm expands beyond its Irish and U.S. offices.
Deal Terms
The Series A was led by MiddleGame Ventures, with Elkstone participating alongside existing shareholders. No other investors were disclosed. The capital will primarily fund international expansion, product development, and the scaling of sales and support functions.
Market Context
Merchant cyber‑risk programs have traditionally relied on annual compliance checks, but the rise of credential theft, scams and device attacks has pushed banks and processors toward continuous, SaaS‑based risk management. ZeroRisk’s offering aligns with a broader shift toward subscription‑based security services that generate recurring revenue and enable payment providers to monetize compliance as a value‑added service.
Why It Matters
ZeroRisk’s new funding positions it to outpace rivals such as Riskified and Forter in the niche of merchant‑focused cyber‑risk SaaS. By scaling its platform globally, the company can deepen relationships with large processors, potentially locking in multi‑year contracts that boost net revenue retention. For its backers, the round validates a play on security‑as‑a‑service that can be bundled into existing payment‑processing suites, creating cross‑sell opportunities.
For incumbent banks and payment providers, ZeroRisk’s expanded capabilities mean they can shift from reactive compliance to proactive risk mitigation, turning a cost center into a revenue stream. Competitors that remain tied to periodic audits may find themselves at a pricing disadvantage as the market gravitates toward continuous, data‑driven security models.
Key Points
- ZeroRisk raised $10 million in a Series A led by MiddleGame Ventures with Elkstone participating
- The capital will fund international expansion, platform development, and scaling of operations
- ZeroRisk’s customer base includes Bank of America, Global Payments, Checkout.com and Trust Payments
- The company expects revenue to triple in 2026 as contracts move to deployment
- ZeroRisk positions its SaaS platform as a way for payment processors to monetize compliance obligations
Analysis
The $10 million Series A gives ZeroRisk the runway to pursue a valuation multiple typical of high‑growth security SaaS firms, though the exact multiple remains undisclosed. The raise reflects investor appetite for subscription‑based cyber‑risk solutions that address the expanding attack surface of merchant ecosystems. As banks and processors shift from annual compliance checks to continuous monitoring, platforms that embed risk analytics, remediation guidance and protection services into a single SaaS stack become strategic assets. For operators, the deal underscores the importance of building modular, API‑first security products that can be white‑labeled or integrated into existing payment platforms, unlocking new revenue streams. Investors will likely watch ZeroRisk’s ability to convert its expanding customer base into recurring revenue and high net revenue retention, metrics that drive premium valuations in the B2B SaaS security niche.