Fraud detection startup Ravelin has today announced the successful raise of $20 million (£16.4 million) in a Series C funding round.
Ravelin made its reputation by securing transactions for large-scale food and cab-ride marketplaces. The company has since expanded into travel, ticketing, entertainment, gaming, gambling, and retail.
Since its previous Series B 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 use machine learning to block 4 million fraudulent accounts which attempted to place 14.7 million orders worth $53Bn. The new injection of funding will help Ravelin reach more global markets and industries.
“Our approach to tackling fraud and risk for enterprise-scale businesses has resonated with the market and we’ve grown our client base rapidly”, said Martin Sweeney, CEO of Ravelin.
“The opportunity now is to balance adding new clients while continuing to invest in innovations to make them successful. We’re delighted to have closed this round so we can pursue such opportunities quickly.”
In addition to identifying card fraud Ravelin 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. This Series C round will help drive those innovations.
Vinoth Jayakumar from lead investor Draper Esprit commented, “Our model is to invest in innovation over the long term , and Ravelin perfectly aligns with that thesis.
“The team at Ravelin are world-class and continue to work to push the boundaries of their products. Their client list is impressive; however what got us really excited was the range of problems they solve for clients and the suite of products they are developing. That level of deep partnerships with clients is rare; when we find it, we know something special is in the making.”
Robert Dighero, Partner at Passion Capital added, “It’s been a privilege to partner with Ravelin ever since first investing in the company’s seed round in 2015, and of course to follow-on invest at every opportunity since including this latest round.
“The team has clearly established itself as a market leader in fraud detection which is now absolutely critical for merchants and services worldwide. We look forward to even more milestones in this next stage of the company’s growth.”