Tuesday 11 September 2018 2:18 pm

Fraud detection firm Ravelin announces £8m Series B funding

London-based fraud and risk prediction company Ravelin has announced an £8m Series B financing round to fund expansion in the U.S.

European private equity firm Blackfin Capital Partners led the round with existing backers Amadeus Capital Partners, Passion Capital and Playfair Capital retaining their stakes.

Ravelin, which has clients including Just Eat and e-Shopworld, uses machine learning to help online merchants and payment service providers reduce fraud and improve acceptance rates of orders.

“This funding round will extend our reach into new geographies and grow our relationships with both new and existing clients,” chief executive Martin Sweeney said.

“One of our co-founders is heading to the US to oversee our operations there which will be an exciting new phase for the company.

“As well as new offices, the funding will also enable us to expand our product range and accelerate us bringing the capabilities of machine learning for risk prediction to new industries including payment gateways and payment service providers.”