Vesta raises $125 million to fight payment fraud with AI

Payments solutions provider Vesta today announced that it raised $125 million in capital, bringing its total raised to over $145 million. The company says it will use the financing to grow and accelerate the deployment of its fraud protection and ecommerce payment products. Payment fraud is pervasive -- in 2018, $24.26 billion was lost due to credit card fraud worldwide, reports Shift Processing. That same year, the rate of card fraud increased by nearly 20% as the U.S. took the lead in reported losses. Vesta says its AI-powered decisioning platform helps clients to assess the risk of this fraud and ultimately to prevent fraud from occurring, with connectors that tie into existing software from vendors including Magento, Shopify, WooCommerce, BigCommerce, and SAP Commerce Cloud.