Ravelin, a London, UK-based machine-learning fraud detection company, completed a £3m funding round.
The round was led by Playfair Capital with participation from Amadeus Capital, Passion Capital, Errol Damelin (founder of Wonga) and Paul Foster (founder of Indeed.com).
The company intends to use the funds to to grow the team, invest in the infrastructure and technology needed to expand the adoption of its platform globally.
Led by Martin Sweeney, CEO, Ravelin is a real-time fraud detection platform for online businesses, which analyzes customer behaviour and transactions using proprietary data science and machine learning technologies, and works with merchants to provide accurate fraud detection.
Since the first release of the product, nine months ago, the company has been adding features and adopting techniques to allow such clients as Deliveroo, EasyTaxi, and Via Taxis, among others, to accept more legitimate orders and refuse those which are suspicious or fraudulent.