E-commerce fraud prevention solution provider Riskified has closed its $33m Series C, led by Israel-based Pitango Growth.
Other firms that contributed to the round included Capital One Growth Ventures, Groupe Arnault, the controlling shareholder of LVMH, and C4 Ventures, among existing investors.
The company uses a machine learning algorithm to help prevent fraud in E-commerce companies by analysing card-not-present transactions. Riskified is available for merchants operating in electronics, fashion, giftcards, luxury goods, shoes, ticketing and travel sectors.
With the capital, the company hopes to accelerate market penetration and serve new international markets.
Pitango Growth managing general partner Aaron Mankovski said, “Fraud management has reached a point where in-house solutions are not good enough to protect eCommerce sites. Network solutions like Riskified are becoming a must-have for eCommerce merchants.
“After thorough research, we have come to the conclusion that Riskified is the most innovative and best anti-fraud solution on the market, and we are proud to invest in its disruptive technology and exceptional team.”
Following the transaction, PItango Growth managing general partner Aaron Mankovski will join the company’s board of directors.
This funding round brings the company’s total investments up to $64m, with its Series B netting $25m last year. The company opened its New York office last year, and has quadrupled in size.
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