E-commerce fraud prevention company Riskified has secured USD25 million in a growth round of financing, led by Qumra Capital with participation from The Phoenix Insurance company, NTT DOCOMO Ventures, and existing investors, Genesis Partners and EntrÃ©e Capital, the company said.
This brings the company´s total funding to USD31 million. The new investment will be used to further accelerate Riskified´s exceptional growth and customer success of online fraud prevention for global retailers including Burberry, Wish and Viagogo.
Riskified´s flexible e-commerce fraud prevention solution protects the bottom line and customer experience, guaranteeing peace of mind for hundreds of global retailers. Using its proprietary behavioral analytics technology and machine learning, the company takes a dynamic, adaptive approach to stay ahead of the constantly changing fraud landscape.
Riskified closed 2015 on a run rate of USD3 billion in approved transaction volume, with 400 percent year-over-year revenue growth.
According to Javelin Strategy & Research, falsely declining legitimate orders due to suspected fraud costs US retailers USD109 billion more than actual fraud losses. Millennials and high-income shoppers are the most affected by falsely declined orders, with 74 percent limiting shopping or entirely abandoning the retailer.
Riskified is an e-commerce fraud management company. Its proprietary technology uses intelligent automation and advanced fraud detection methods to accurately analyze card-not-present (CNP) orders with machine learning algorithms, behavioral analytics, and device fingerprinting. Riskified was founded in 2013 and is headquartered in Tel Aviv, with US offices in Boston.
Qumra Capital is a growth fund investing in fast growth late stage start-ups. Qumra was founded in 2014 by Erez Shachar and Boaz Dinte who are Evergreen Venture Partners and Sivan Shamri Dahan who joined as a partner. Qumra is one of Israel´s growth funds leading late stage rounds in Israeli high potential advanced startups.