E-commerce fraud prevention firm Riskified has grabbed $25m in a round of funding led by Israeli growth fund Qumra Capital.
The round also saw participation from The Phoenix Insurance Company and NTT DOCOMO Ventures, as well as existing backers Genesis Partners and Entrée Capital.
Riskified uses behavioural analytics and machine learning to prevent fraud in online e-commerce transactions.
The Tel Aviv-based company claims it approved $3bn in transactions last year and saw a 400% year-on-year growth in revenue.
Rickified CEO and co-founder Eido Gal said, “it’s a win-win for global retailers. They’re recouping millions in revenue from fraud loss while gaining customers that would have otherwise been rejected.
“Not only do we approve 66% of orders retailers plan to decline, but we also guarantee every order we approve to provide assurance and peace of mind.”
The round brings Riskified’s total funding to $31m and will be used to accelerate its growth.
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