Ravelin raises £8m for AI fraud protection
Written by Peter Walker
Ravelin has announced an £8 million Series B fundraising round led by BlackFin Capital Partners to expand its overseas business and extend its market reach.
Existing investors including Amadeus Capital Partners, Passion Capital, and Playfair Capital also participated in the round.
The London-based fraud and risk prediction company will use the money to underpin expansion plans, including a new office in the US. It has also developed a product for Payment Service Providers (PSPs), and will continue to invest in account security and risk prediction.
In the last year, businesses including eShopWorld, Just Eat, Kinguin, and Quiqup have joined its enterprise client portfolio and Ravelin is now helping secure their transactions across 96 countries.
“This funding will see us extend our reach into the world of payments,” chief executive Martin Sweeney told FStech.
“Accurate fraud and risk prediction and intelligent transaction routing will be a key differentiator for PSPs and payment gateways,” he continued, adding: “3DS 2.0 and PSD2 are fundamentally changing how this market operates and Ravelin is well placed to help payment providers succeed in this new reality.”
Laurent Bouyoux, founding partner at BlackFin, said he was impressed by both what Ravelin has achieved already in terms of products and customer references, and with the size of the opportunity that lies ahead.
“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.