Ravelin secures $20m Series C
Almost 2 years after BlackFin led Ravelin $10m Series B, we are glad to announce that the London-based payment fraud detection specialist raised $20m Series C.
With this fresh money Ravelin will:
- expand the product range for merchants
- develop product for PSPs and acquirers enabling them to monitor fraud risk in their merchant portfolio
- strenghten the sales team in Europe and in the USA
For us, reinvesting in Ravelin was a no-brainer. In addition to our strong believe that fraud is one of the hottest topics in the financial industry at large, we were amazed by the quality of the team led by Martin Sweeney and its ability to reach the milestones it had set for itself when we first invested in 2 years ago.
First of all, Ravelin signed a key partnership with Fiserv, a leading global provider of payments and financial services technology solutions that recently selected Ravelin’s technology as a component of its Fraud Detect solution. The fact that such a major player in online payment selected Ravelin among other direct competitors demonstrates the sharpness of its AI fraud detection technologies. This new partnership is not only a game changer for the company in terms of revenues or visibility but it also illustrates the ability of Ravelin to execute its vision regarding its indirect distribution strategy via PSPs, which was already planned in Series B.
Moreover, there has been a significant diversification both in terms of product and customers.
- Product-wise, Ravelin successfully developed ‘Account Takeover’, a solution which finds compromised accounts and helps merchants identifying accounts at risk and reclaiming them for the original user.
- Last but not least, Ravelin succeeded in expanding its customer base, which was mainly composed of fast growing tech companies in the food delivery (Deliveroo, JustEat, Glovo) and mobility space (taxi app, Flixbus). Customers now belong to many industries such as entertainment, gaming or retail. This diversification enabled Ravelin to contain the effects of covid crisis.