Fraud detection firm Ravelin raises £8m to expand overseas

Ravelin, a London-based fraud and risk prediction startup, has closed a £8m Series B.

The round was led by BlackFin Capital Partners and drew support from the company’s existing shareholders (Amadeus Capital Partners, Playfair Capital, Passion Capital and various private investors).

Ravelin says it will use the cash to expand further overseas with a US office due to open soon.

The startup, which raised a £3m round led by Playfair Capital in October 2016 and £1.3m the year before that, leverages machine learning techniques and works directly with online merchants and their payment service providers in a bid to decrease losses to fraud and improve orders’ acceptance rates.

“The growing sophistication and audacity of fraud attacks on businesses is a significant threat to online commerce,” said Martin Sweeney, CEO and founder of Ravelin. “This funding will allow us to accelerate with new and existing clients a range of options to nullify this threat and help them grow their thriving online businesses securely. There is no greater endorsement of our approach than the companies we’ve been able to add to our portfolio. We’re proud that many of the world’s leading online businesses have chosen to work with us. We’ll continue to serve them well.”

Sweeney continued: “We are really happy to welcome BlackFin on board. Their focus on the payments sector provides strong market knowledge and a network that will play an important role as we extend our offerings to PSPs and banks.”

“We were impressed not only with what the team at Ravelin have achieved already in terms of products and customer references, but with the size of the opportunity that lies ahead of them,” said Laurent Bouyoux, founding partner of BlackFin Capital Partners.

“Using artificial intelligence to solve complex, real-world business problems at scale is in its infancy. Securing e-commerce is incredibly important to the prosperity of developed economies and Ravelin is at the forefront of doing just that,”added Maxime Mandin, Investment Director at BlackFin.