Rippleshot, a Chicago, IL-based fraud analytics startup, secured $2.6m in funding.
The round was led by KDWC with participation from CMFG Ventures, which is the venture capital entity of CUNA Mutual Group. In conjunction with the closing of this latest round, Rippleshot also announced the addition of Gloria Colgan, former President of PYMNTS.com, to its advisory board.
The company intends to use the funds to grow its technical team of developers and data scientists in order to grow in the credit union and banking market, as well as to expand into the merchant fraud detection space.
Led by Canh Tran, CEO and co-founder, Rippleshot provides issuers, merchants and processors with a cloud-based technology platform to detect fraud through machine learning and data analytics. The company’s technology processes millions of payment card transactions in real-time to proactively pinpoint when and where a breach of card data occurred. Following detection, the platform then identifies which cards are most at risk of seeing fraudulent activity, and suggests appropriate mitigation strategies to best prevent fraud loss.