Ravelin, a London-based company is utilizing machine learning to support e-commerce firms fight and predict the risk of fraud, has received £8 million in Series B funding. The Series B round was conducted by BlackFin Capital Partners in order to increase its overseas business and extend its market reach. Also, other investors such as Amadeus Capital Partners, Passion Capital, and Playfair Capital have also taken part in this round.
As per CEO of Ravelin, Martin Sweeney, the new funding will be utilized in Ravelin’s expansion plans. The firm will open a new office in the East Coast of the U.S, where the firm is getting a lot of queries. He also mentioned that the office will not only consists of two salespeople but the entire staff including one of the co-founders of Ravelin.
The firm has also built a product for Payment Service Providers and mentions that it will invest regularly in various capabilities complementary to its core proposition of charge back protection.
Ravelin was launched way back in 2016 and has also build machine learning-based technology which supports online merchants and their payment service providers decrease losses to fraud and enhance acceptance rates of orders. The main purpose is to achieve this with simple, rule-based systems and use machine learning to remove false positives and provide merchants more trust accepting customers/ transactions.
In 2017, various firms such as eShopWorld, Just Eat, Kinguin, and Quiqup have joined its enterprise client portfolio and the firm is now helping secure their transactions in about 96 countries.
Ravelin has now become one of the most well-known players in the fraud detection space in the last 4 years. Revelin wants to become one of the priceless tools in fighting chargebacks, account takeovers, organized fraud rings and terms of service abuse, which firm beliefs to be a multi-billion dollar problem for the online commerce industry.
Sweeney says that the firm’s future goal is to identify different patterns of risk to personalize the customer journey consequently. For instance, a high risker transaction might include greater friction in the checkout process because more security barriers are inserted. Similarly, a less risky customer could face fewer steps, thus helping to enhance conversations.
Sweeney said in a statement, “There is no greater endorsement of our approach than the companies we’ve been able to add to our portfolio.” He further added, “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.”
Sweeney further continued, “We are really happy to welcome BlackFin on board. Their focus on the payments sector provides strong market knowledge and a network that will play an important role as we extend our offerings to PSPs and banks.”
Laurent Bouyoux who is the founding partner of BlackFin Capital Partners stated, “We were impressed not only with what the team at Ravelin have achieved already in terms of products and customer references but with the size of the opportunity that lies ahead of them.” “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” said Maxime Mandin, Investment Director at BlackFin.