Payment fraud detector Ravelin raises £16.4m in Draper Esprit-led Series C

Customers include marketplaces like Just Eat, Urban and Easy Taxi.

Card fraud, compromised accounts and incentive abuse could be a thing of the past as fraud-fighting upstart Ravelin closed a £16.4m funding round led by new investor Draper Esprit this morning. 

Existing investors Amadeus Capital Partners, BlackFin Tech and Passion Capital all took part in the round, with cash being used to drive Ravelin’s technology and wider adoption. 

“We have been very busy in the two years since our last funding round in 2018,” said CEO Martin Sweeney. 

“Our approach to tackling fraud and risk for enterprise-scale businesses has resonated with the market and we’ve grown our client base rapidly." 

Since 2018 Ravelin has helped its customers block 5.6m fraudulent accounts which attempted to place some $70bn worth of orders. 

Unlike rules-based fraud systems, Ravelin uses machine learning models that are tailored to each client to detect fraud at scale. 

“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.” 

Ravelin’s customers include marketplace businesses like Just Eat, Urban, Easy Taxi and eshopworld.