Fraugster, a provider of an Artificial Intelligence (AI) technology solution to eliminate payment fraud, raised $5m in funding.
The round was led by Earlybird with participation from existing investors Speedinvest, Seedcamp and a large Swiss family office.
The company intends to use the funds to hire new staff to support the international growth of the company, which is used by online merchants and retailers.
Founded in 2014 by Max Laemmle, who previously co-founded payment gateway company Better Payment, and Chen Zamir, who has spent more than a decade in different analytics and risk management roles including five years at PayPal, Fraugster provides online merchants with an Artificial Intelligence (AI) powered tech solution to eliminate payment fraud by learning from each transaction in real-time and anticipating attacks even before they happen.
The company is already handling almost $15bn in transaction volume for several thousand international merchants and payment service providers, such as Visa.
Fraugster is based in Berlin, Germany, Leeds, UK, and San Francisco, CA.