Ravelin, the London-based fraud detection startup, has secured £16.4m to fund its expansion into new markets and reach more industries.
Draper Esprit led the Series C round. Amadeus Capital Partners, BlackFin Tech and Passion Capital also participated in the raise.
The startup started out by securing transactions for large-scale food and cab-ride marketplaces and has since expanded into travel, ticketing, entertainment, gaming, gambling, and retail.
Before this raise, Ravelin most recently secured new capital in 2018 when it bagged £18m from Amadeus Capital Partners, Passion Capital and Playfair Capital. Prior to its Series B round, it raised a Series A round worth £3m in 2016.
Since 2018, it has enabled these businesses to accept over 1.2 billion transactions, secure over 230 million active user accounts and block four million fraudulent accounts which attempted to place 14.7 million orders worth $53bn.
“We have been very busy in the two years since our last funding round in 2018,” said Martin Sweeney, CEO of Ravelin. “Our approach to tackling fraud and risk for enterprise-scale businesses has resonated with the market and we’ve grown our client base rapidly. 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.”
Vinoth Jayakumar, partner at Draper Esprit, added, “Our model is to invest in innovation over the long term. 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.”
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