Tel Aviv-based antifraud company Riskified raises $25 million

Firm founded in 2013, analyzes credit-card transactions for online retailers to root out credit-card thieves.

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February 11, 2016 10:58
Riskified

The Riskified team. (photo credit: COURTESY RISKIFIED)

 
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Tel Aviv-based fraud-prevention company Riskified announced Wednesday it has raised $25 million in new financing, or more than four times its previous fund-raising total of $6 million.

The company, which was founded in 2013, analyzes credit-card transactions for online retailers to root out credit-card thieves. It said the money would go toward increasing growth. It already counts Burberry, Wish and Viagogo among its customers.

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“Riskified continues to experience unprecedented growth within the online fraud-prevention industry, showing immediate improvement to retailers’ bottom line and the customer experience,” Riskified cofounder and CEO Eido Gal said.

The company’s algorithm is a money maker for retailers because it is better at pinpointing fraud, he said.

Riskified approves two-thirds of transactions that retailers plan to decline, and it offers money-back guarantees on mistakes that slip through.

The company says its year-over-year revenue growth reached 400 percent and that it had approved $3 billion in transactions by the end of 2015.

“Riskified’s exponential growth is indicative of the e-commerce industry’s need for a fraud-prevention platform that uncovers new revenue opportunities,” said Erez Shachar, the managing partner at Qumra Capital, which led the financing round.

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