Ravelin, a UK-based fraud and risk prediction company, has landed £8m in a Series B round led by BlackFin Capital Partners.
Existing investors including Amadeus Capital Partners, Passion Capital, and Playfair Capital also participated in the round, which brings the company’s fundraising total to date to £12.3m.
The funding will be used to fuel Ravelin’s expansion plans which includes a new office in the US. It has also developed a product for Payment Service Providers and will continue to invest in capabilities complementary to its core of chargeback protection, notably in account security and risk prediction.
“The growing sophistication and audacity of fraud attacks on businesses is a significant threat to online commerce,” said Martin Sweeney, CEO and founder of Ravelin. “This funding will allow us to accelerate with new and existing clients a range of options to nullify this threat and help them grow their thriving online businesses securely.
“There is no greater endorsement of our approach than the companies we’ve been able to add to our portfolio. We’re proud that many of the world’s leading online businesses have chosen to work with us. We’ll continue to serve them well.”
Ravelin is a smart fraud detection and prevention platform that helps companies stop online payment fraud by examining customer behavior data and spotting fraudsters while there is still time to block them.
It imports a client’s visitor, registration, and payment data in real time, via an API, inspects data using an AI, identifies and blocks fraudsters, and enables systems to prevent such crimes in future.
Laurent Bouyoux, founding partner of BlackFin said: “Using artificial intelligence to solve complex, real-world business problems at scale is in its infancy. Securing e-commerce is incredibly important to the prosperity of developed economies and Ravelin is at the forefront of doing just that,” added Maxime Mandin, investment director at BlackFin.
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