NEW YORK, June 27, 2017 /PRNewswire/ --
Riskified, the world's leading e-commerce fraud-prevention
solution, announced today that it secured an additional
$33 million of growth stage funding,
bringing the company's total funding to $64
million. The most-recent round of funding was led by
Israeli-based Pitango Growth, and joined by Capital One Growth
Ventures, Groupe Arnault, the controlling shareholder of LVMH, and
C4 Ventures. Existing investors also joined the round. Riskified
plans to use the funds to accelerate market penetration, solidify
its position as the market leader and serve new merchants
internationally.
Riskified's industry-leading machine learning algorithm,
proprietary behavioral analytics and the amplifying effect of its
wide network protect merchants from fraud while maximizing their
revenue. Retailers including Foot Locker, Simplehuman, Macy's and
many more rely on Riskified to provide a better customer experience
while lowering overhead. Riskified has reviewed hundreds of
millions of transactions and approved billions of dollars of
revenue for merchants across virtually all industries, including a
number of Fortune 500 companies.
"We're proud to announce that we've closed series C funding with
these exciting partners," said Eido
Gal, cofounder and CEO of Riskified. "Their commitment
further validates our technology and approach to fraud prevention.
The partnership with Capital One will be a true competitive
advantage as we expand into new markets."
According to research conducted by LexisNexis, the total number
of fraud attempts has increased in each of the last five years and
shows no signs of slowing. Staying ahead of fraud requires a
significant investment of time and resources, and even the best
in-house solutions only have access to orders placed on their
systems. Riskified pulls from exponentially more data points to get
a fuller picture of fraudsters and buyers.
"E-commerce fraud is a rapidly evolving threat to merchants
everywhere. Riskified has shown a deep understanding of the fraud
landscape and a keen ability to recognize fraudulent orders,
helping better equip its customers to tackle this threat head-on,"
said Aman Sharma, Partner of Capital
One Growth Ventures. "We are proud to partner with Riskified as it
continues to enhance its fraud prevention technology and expand its
global reach."
Aaron Mankovski, managing general
partner at Pitango Growth, will be joining Riskified's board of
directors. "Fraud management has reached a point where in-house
solutions are not good enough to protect eCommerce sites," said
Mankovski. "Network solutions like Riskified are becoming a
must-have for eCommerce merchants. After thorough research, we have
come to the conclusion that Riskified is the most innovative and
best anti-fraud solution on the market, and we are proud to invest
in its disruptive technology and exceptional team."
Investors including Qumra Capital, The Phoenix Insurance
Company, Genesis Partners and C4 Ventures, featuring former Apple
executive (NASDAQ: AAPL) Pascal
Cagni, participated in the funding. This announcement is the
latest in a number of exciting developments for Riskified. The
company opened its New York City
office in October of last year and has already quadrupled in size.
Gal relocated from Tel Aviv in
April to better work with US-based companies. And merchants using
Riskified have recently been transitioned to a new,
more-user-friendly and informative webapp.
"It's impossible to overstate how much better Riskified has
become in the five years since we launched chargeback-guarantee
fraud prevention," said Gal. "But we can't rest on our laurels.
We've gotten smarter, but so too have the fraudsters. These
investments will help us continue to grow, staying ahead of our
competition, outsmarting eCommerce fraud and helping our merchants
build successful businesses."
Related Links
http://www.riskified.com
For media inquiries, please contact:
Stephen Fidgeon
stephen.fidgeon@riskified.com
+1-917-573-0281
SOURCE Riskified