London-based online fraud prevention firm Ravelin won an undisclosed level of seed funding from Passion Capital last week, marking another investment win for the capital’s FinTech sector.
The capital will be used to bring Ravelin’s solution to market later this year.
The early stage online fraud prevention company was created by former employees of taxi app Hailo in January. The startup is currently working out of Passion Capital’s co-working space in White Bear Yard.
Ravelin’s founders built on fraud prevention work during their time at Hailo to create a solution for the complex multichannel e-commerce market. The company is setting itself up as a hybrid platform combining human agency with algorithmic fraud detection, providing a stepping stone for companies that are reluctant to abandon human-oversight fraud prevention.
Ravelin’s solution will offer access to an aggregated fraud analytics dashboard, which it claims is easier to use and more comprehensive than existing offerings. The dashboard will use machine learning and social graph information to flag up potential threats, allowing a client’s fraud prevention team to choose how to respond.
TechCrunch surmised that the VC has invested a little above its seed round average of £187,000. Ravelin is still working with a small group of four beta partners as it prepares its platform for launch, and is gradually introducing more customers. The company expects the beta period to last six months.
Metromile has just landed nearly $200m in Series D funding for its auto insurance payments platform.
London fintech startup Curve has picked up another $3m in funding to replace all the different payment cards in your wallet with just one.
Signifyd, the company that provides fraud protection for e-commerce businesses, has raised $19m in a funding round with investors including American Express Ventures, Menlo Ventures and Triple Point Capital.
Fintech will be a key focus for Spotify and iZettle-backer Northzone as it announces a brand new €300m venture capital fund to invest in early-stage European startups.