Ravelin scoops up £3m for machine learning fraud detection

London-based fraud detection startup Ravelin has raised £3m in a Series A round of funding.

The investment was led by Playfair Capital with existing backers Amadeus Capital, Passion Capital and angel investors also contributing.

The company’s technology uses machine learning to fight fraud, becoming more effective as it handles more data.

Since launching at the start of the year Ravelin says its revenue has grown more than 600% while serving clients including Deliveroo, EasyTaxi and Via Taxi.

The startup says it will use the capital to grow its team, further develop its tech and infrastructure and continue to add new features.

Ravelin last year took on an undisclosed seed round from Passion Capital as well as a £1.3m round.

Copyright © 2016 FINTECH GLOBAL

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