London start-up Ravelin provides real-time fraud detection for online businesses, a problem which plagues companies across the globe.
The company analyses customer behaviour and transactions using powerful proprietary data science and machine learning technologies, and works with merchants to provide accurate fraud detection.
Just nine months since its launch, the start-up has grown its revenue by over 600% while securing high profile clients including Deliveroo, EasyTaxi, and US-based taxi service Via Taxi.
Now the company is looking to further expand its presence overseas after securing £3m from its latest round of funding with some pretty high profile investors coming on board.
Martin Sweeney, CEO, said: “We have focused squarely on growing the company by doing a great job for our clients.
"This investment enables us to continue to grow our team and invest in the infrastructure and technology we need to give the same great experience to even more clients based around the world.”
Statistics released in July 2016 by the Office for National Statistics demonstrate the severity of the problem for businesses with an estimated 3.8 million incidents of credit and debit card fraud committed in the UK alone during 2015-16.
The funding round was lef by Playfair Capital. Nathan Benaich, a partner at Playfair, added: “We are delighted to have led this round.
"Ravelin has achieved impressive market traction by building fraud detection technology from the ground up to address the ongoing issue of payment fraud.
"This problem is growing faster than online commerce and Ravelin’s machine learning approach brings the requisite speed, scale and performance to solve it efficiently.”
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