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Ravelin locks $20m in a series C round to accelerate online commerce protection

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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 Series C round is led by Draper Esprit, with participation from existing investors Amadeus Capital Partners, BlackFin Tech, and Passion Capital.

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. In addition to identifying card fraud, Ravelin also works with clients to find compromised accounts (referred to as “account takeover”), spot incentive abuse and tackle supplier fraud in marketplaces.

Account takeover is where fraudsters use credentials that have been exposed in data breaches to take over an individual’s online account for their own use or to sell on the dark web. “We have a product that helps secure accounts in the first place, identify at risk accounts and help the merchant reclaim the account for the original user,” explains Ravelin’s chief marketing officerGerry Carr. “It’s a complex problem and due to the ease that it can be done, a fast growing issue”.

Ravelin is also developing “Ravelin Accept,” a product aimed at helping businesses navigate PDS2 and confidently accept rather than reject more transactions. PSD2 means there will be a lot more authentication required for transactions.

“This risks a lot of failed transactions as consumers struggle with the step-up authentication and merchants are unsure about how to get exemptions to the secure authentication,” explains Carr. “Ravelin Accept will have built-in intelligence about how the major issuers like to manage transactions. It will route a transaction to an exemption to authentication where possible, and where it is not, [it] will manage that step-up dynamically to give it the best chance of acceptance. The hard deadline of PSD2 at the end of this year should see significant demand for Ravelin Accept to help with acceptance rates”.

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