Fraud analytics firm Rippleshot has secured $2.6m in its latest round of venture capital.
Local investor KDWC led the funding for the Chicago-based startup with participation from CMFG Ventures, the venture arm of CUNA Mutual Group.
Rippleshot aims to leverage machine learning and data analytics to distinguish fraudulent payment card activity for issuers, merchants and processors.
When Rippleshot detects fraudulent activity it identifies the cards most at risk and suggests the best strategies for clients to adopt to prevent loss.
Company CEO and co-founder Canh Tran said: “This latest round of funding comes at a time where we are in a unique place to help bridge the fraud detection gap between issuers and merchants.”
Rippleshot will use the capital to expand its technical and data science teams as well as enter the merchant fraud detection space.
“As we expand into the merchant space, we are excited to put this funding to good use as we work to encourage collaboration across the industry in order to make payments more secure for everyone,” said Canh.
The company previously raised $1.2m from investors in December 2015 as well as investment from Mastercard Start Path.
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