Ravelin, the London-based firm known for its fraud detection and prevention platform has secured $20 million in its Series C financing led by Draper Esprit. The funding round saw participation from Amadeus Capital Partners, BlackFin Tech, and Passion Capital.
Prior to this round, Ravelin had raised around $10 million in the Series B funding that was led by BlackFin Capital Partners in September 2018. The current financing takes the total amount raised by the company to over $30 million since its inception.
Ravelin was launched in 2014 by Leonard Austin, Mairtin O'Riada, Martin Sweeney, Nick Lally, and Stephen Whitworth in an attempt to provide safe and secure payment options to the enterprises. It aims to offer its clients the world’s most accurate fraud detection service to make online commerce a safe place to do business.
Martin Sweeney, the CEO of the firm, talking about the funding and their future plan noted that “We have been very busy in the two years since our last funding round in 2018. Our approach to tackling fraud and risk for enterprise-scale businesses has resonated with the market and we’ve grown our client base rapidly. The opportunity now is to balance adding new clients while continuing to invest in innovations to make them successful. We’re delighted to have closed this round so we can pursue such opportunities quickly.”
Draper Esprit's Vinoth Jayakumar said that “Our model is to invest in innovation over the long term,. Ravelin perfectly aligns with that thesis. The team at Ravelin are world-class and continues to work to push the boundaries of their products. Their client list is impressive; , what got us really excited was the range of problems they solve for clients and the suite of products they are developing. That level of deep partnerships with clients is rare; when we find it, we know something special is in the making.”
The other backers to showered praised on the firm and hence they have also jumped in with the money. It will be interesting to see how the firm manages to offer more services to the clients. It is already building one such product called “Ravelin Accept,” which will help businesses navigate PDS2 which means multiple levels of authentication for the transactions to get complete.
Image courtesy: Ravelin