Ravelin, the machine-learning fraud detection company, today announced it has completed a new €3.3 million round of funding to accelerate the growth of its client base around the world.
The funding round was led by Playfair Capital with participation from existing investors like Amadeus Capital and Passion Capital.
Ravelin was founded in 2014 and is headquartered in London. Just nine months after the fraud detection product was commercially released in January 2016, Ravelin has grown its revenue by over 600% while adding well-known clients including online food delivery company Deliveroo, 10 million rides-a-month taxi app EasyTaxi, and US-based taxi service Via Taxi.
Martin Sweeney, CEO of Ravelin, stated: “We have focused squarely on growing the company by doing a great job for our clients. This investment enables us to continue to grow our team and invest in the infrastructure and technology we need to give the same great experience to even more clients based around the world.”
Nathan Benaich, Partner at Playfair Capital, said: “We are delighted to have led this round. Ravelin has achieved impressive market traction by building fraud detection technology from the ground up to address the ongoing issue of payment fraud. This problem is growing faster than online commerce and Ravelin’s machine learning approach brings the requisite speed, scale and performance to solve it efficiently.”
Since the first product release, Ravelin has been busy adding features and adopting techniques to allow its clients to accept more legitimate orders and refuse those which are suspicious or fraudulent. For instance, Ravelin launched its graph network technology in May which has shut down many thousands of fake accounts and prevented millions of pounds worth of potential fraud.