Ravelin which is a London based startup which works on the machine learning to help the ecommerce companies predict and fight the risk of fraud has now raised an amount of £8 million in Series B funding. The funding round is led by some of the prominent investors which includes the blackFin Capital partners, Amadeus Capital partners, Playfair capital and Passion capital.
In a report the Co founder and CEO Martin Sweeney told that the new funding will going to be used for the Ravelin’s expansion plans. That will also going to include opening an office in the America Eastern coast part where companies is seeing increasing in bound queries.
Recently, company has also developed a product which is used fir the process of machine learning for the Payment service provider and will also continue to invest in some of the moer other capabilities to its core of charge back protection proposition.
The startup which is launched in the year 2016, Ravelin’s has developed machine learning-based technology which is helping the online merchants and their payment service providers reduce losses to fraud and improve acceptance rates of orders. The idea is to do away with cruder, rule-based systems and use machine learning to negate false positives and give merchants more confidence accepting customers/transactions.
More broadly, Ravelin wants to be an invaluable tool in fighting chargebacks, account takeovers, organised fraud rings and terms of service abuse, which the company says continues to be a multi-billion dollar problem for the online commerce industry.
To that end, in the last year businesses such as eShopWorld, Just Eat, Kinguin, and Quiqup have joined Ravelin’s existing enterprise clients. “There is no greater endorsement of our approach than the companies we’ve been able to add to our portfolio,” adds Sweeney in a statement. “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”.
You may also like: