Ravelin, a British company that uses machine learning to help businesses to fight fraud in online payments, has raised new funding of $ 20 million. The C series round is led by "Draper Esprit", with the participation of existing investors Amadeus Capital Partners, BlackFin Tech and Passion Capital. Ravelin unveiled $ 10 million in Series B funding in September 2018.
Launched in 2016, Ravelin uses machine learning as well technologies Chart network to help online businesses reduce losses due to online scams, as well as improve order acceptance rates. In terms of market adaptation products, the British company reports that for the first time it has been successful in large food markets, but since then it has expanded into the sectors of travel, tickets, entertainment, Gaming and gambling. In addition to detecting fraud associated with credit cards, Ravelin also works with customers to identify breached accounts ("withdrawal") and to address supplier fraud in the markets. In the "withdrawal of account", the crooks they use credentials exposed to violations data in order to take over a person's online account for their own use, or to sell them at Dark web.
Ravelin Chief Marketing Officer Gerry Carr says the company has a product that helps them ensure accounts, identify endangered accounts and help a trader recover the account for the original user. He added that this is a complex issue that is evolving rapidly, as it is very easy to happen. Another common occurrence is the so-called "incentive abuse", in which users re-use or share coupons and registration incentives to deceive a trader. To avoid this, the British company can map the network of users and related codes to find out if a coupon is already in use by another user and to block it.
Carr pointed out that the company can help a market to detect possible abnormal activity in the network and stop a "fraudulent" behavior. Ravelin is also developing Ravelin Accept, a product that aims to help businesses navigate the PDS2 and to "accept with confidence", instead of rejecting, more transactions. PSD2 means that much more authentication is required to trade. Finally, Ravelin stressed that it will use the C-Series round to further invest in these innovations and reach more markets and industries around the world.