Regina Lowrie, CMB, today announced the launch of a new financial technology company, Dytrix. The company, which will operate independent from RML Advisors, enables lenders and others who transmit funds electronically to secure financial transactions from fraud through a state-of-the-art platform. In making the announcement, Lowrie acknowledged that a significant investment from John Martinson, a venture capitalist focused on fintech, was key in launching Dytrix.
Mr. Martinson founded Edison Venture Fund which has invested $1 billion in over 190 East Coast IT companies and currently serves as Managing Partner of Edison IV, V, VI, and VII limited partnerships. He served as chair of National Venture Capital Association and several entrepreneurial groups. His current Board of Director seats span technology, trade, education, and community organizations. Mr. Martinson was awarded the Distinguished Flying Cross during the Vietnam War, and named a Distinguished Graduate by the Air Force Academy. He sponsors the Just In Time Education and the Martinson Academic Innovation Fund and serves on the Academic Stewardship and Strategic Planning Committees as a Founding Director of the Air Force Academy Endowment.
Dytrix provides financial institutions with a real-time SOC2-compliant and cloud-based platform for wire/ACH transfer validation and closing agent management. It is designed to mitigate cybersecurity risks of wire fraud and disclosure of non-public information, which are significantly impacting financial institutions nationwide as they work to manage financial, operational and confidentiality risks. The launch of Dytrix coincides with increasing wire transfer intercepts and business email compromise, which generated $12.5 billion of reported losses to the FBI from 2013-2018, with an estimated $18 billion in fraudulent attempts in 2018.
“Dytrix addresses the imminent need for greater financial transaction security among lenders and financial professionals, who are not fully protected by closing protection letters or agents’ E&O insurance, but rather, are exposed and held accountable for the fraudulent actions of third-parties,” said Lowrie, Founder, President & CEO of Dytrix.