Ravelin wins undisclosed seed funding from Passion Capital

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.

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