Ravelin, a London, UK-based fraud detection company, raised £8m in Series B funding.
The round was led by BlackFin Capital Partners, with participation from Amadeus Capital Partners, Passion Capital, and Playfair Capital.
The company intends to use the funds to:
– expand operations overseas including a new office in the US,
– widen its market reach, and
– continue to invest in capabilities complementary to its core of chargeback protection, notably in account security and risk prediction.
Led by Martin Sweeney, CEO and Founder, Ravelin works with online merchants and their payment service providers to reduce losses to fraud and to improve acceptance rates of orders via machine learning, graph networks and human insights techniques.
The company, which is now helping secure transactions across 96 countries, recently added business such as eShopWorld, Just Eat, Kinguin, and Quiqup to its enterprise client portfolio.