Rippleshot, a Chicago, IL-based fraud analytics company, secured $1.2m in bridge funding.
The round was led by KGC Capital with participation from UMB Bank, Wintrust and FinTech accelerator SixThirty. In conjunction with the funding, Jason Henrichs joined Rippleshot’s advisory board. Henrichs co-founded and served as the COO of PerkStreet Financial in Boston and was an early investor in fraud analytics Memento, which was later acquired by FIS.
The company intends to use the funds to expand the team of sales people, developers and account managers
Led by Canh Tran, CEO and co-founder, Rippleshot provides banks and credit unions with a cloud-based technology solution that leverages machine learning and data analytics to identify fraudulent activity. Rippleshot’s technology processes millions of payment card transactions in real-time to proactively pinpoint when and where a data breach occurred. Following detection, it provides banks with the tools they need to update fraud detection rules in order to lower their fraud losses while avoiding unnecessary card re-issuance.