Ravelin, a London, UK-based fraud detection company, raised £16.4M ($20M) in Series C funding.
The round was led by Draper Esprit (LSE:GROW) with participation from existing investors Amadeus Capital Partners, BlackFin Tech, and Passion Capital.
The company intends to use the funds to reach more global markets and industries.
Led by Martin Sweeney, CEO, Ravelin leverages machine learning and graph network technologies to allow online businesses to accept payments with more confidence. In addition to identifying card fraud, the company works with clients to find compromised accounts (often called Account Takeover), spotting incentive abuse and tackling supplier fraud in marketplaces. It has also developed Ravelin Accept aimed at helping businesses navigate PDS2.
The company secures transactions for large-scale food and cab-ride marketplaces, and has expanded into travel, ticketing, entertainment, gaming, gambling, and retail.
Since its previous funding round in September 2018, Ravelin has helped these businesses to accept over 1.2 billion transactions, secure over 230 million active user accounts, and block 4 million fraudulent accounts which attempted to place 14.7 million orders worth $53Bn and another 1.6 million fraudulent accounts which attempted to place 7.4 million orders worth $17Bn. Fiserv, a global provider of payments and financial services technology solutions, recently selected Ravelin technology as a component of its Fraud Detect solution.