Fraugster, a Berlin, Germany-based payment security company that uses AI to eliminate e-commerce fraud and increase customers’ profits, raised $14m in Series B funding.
The round was led by round led by CommerzVentures, with participation from Earlybird, Speedinvest, Seedcamp and Rancilio Cube, as well as Munich Re / HSB Ventures.
The company intends to use the funds to expand globally.
Chen Zamir, CTO, and Mac Laemmle, CEO, Fraugster provides an AI driven platform for online retailers to prevent fraud. Its proprietary technology collects data from multiple sources, analyzing and cross-checking it to determine whether a transaction is fraudulent or not, to accept a payment or not.
Clients include payment service providers such as ePayments and Six Payments.