By NIV ELIS
Tel Aviv-based fraud prevention company Riskified announced Wednesday that it had raised $25 million in new financing, over four times its previous fundraising total of $6 million.The company, which analyzes credit card transactions for online retailers to root out which ones, said the money would go toward increasing growth. It already counts Burberry, Wish and Viagogo among its customer.“Riskified continues to experience unprecedented growth within the online fraud prevention industry, showing immediate improvement to retailers’ bottom line and customer experience,” said Riskified co-founder and CEO Eido Gal.The company's algorithm is a money-maker for retailers because it is better at pinpointing fraud, according to Gal.Riskified approves two-thirds of transactions that retailers plan to decline, and offers money-back guarantees on mistakes that slip through.The company, founded in 2013, says its year-over-year revenue growth reached 400%, 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, managing partner at Qumra Capital, which led the financing round.
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