Fraud detection startup Ravelin secures $20M Series C – TechCrunch

Ravelin, the London-based company using machine learning to help companies fight fraud when accepting online payments, has raised $20 million in new funding. The Series C round is led by Draper Esprit, with participation from existing investors Amadeus Capital Partners, BlackFin Tech, and Passion Capital. Ravelin disclosed $10 million in Series B funding in September 2018. Launched in 2016, Ravelin utilises machine learning and graph network technologies to help online businesses reduce losses to fraud and improve acceptance rates of orders. The idea is to do away with cruder, rule-based systems and use machine learning to negate false positives and give merchants more confidence accepting customers/transactions. With regards to product-market fit, Ravelin says it first found success with large-scale food and cab-ride marketplaces, but has since expanded into travel, ticketing, entertainment, gaming, gambling, and retail.