Ravelin, a London-based fraud detection company, has raised £16.4 million ($20 million) in Series C funding to expand into other industries and international markets. Draper Esprit, BlackFin Tech, Amadeus Capital Partners, and Passion Capital joined the round.
The UK startup uses machine learning and graph network technologies to help online businesses detect fraudulent transactions and accounts. The team often builds solutions from scratch based on a client’s data, then provides support through ‘investigations specialists’.
Starting out serving large-scale food and cab-ride marketplaces, the product-service is now used across travel, ticketing, entertainment, gaming, gambling, and retail. Customers include Deliveroo, Booking.com and Flixbus.
“Their client list is impressive; however what got us really excited was the range of problems they solve for clients and the suite of products they are developing,” said Vinoth Jayakumar of Draper Esprit. “That level of deep partnerships with clients is rare; when we find it, we know something special is in the making.”
Founded in 2014 the startup’s last funding was an £8 million Series B round in September 2018. “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," said Martin Sweeney, the company's CEO.
Photo: Ravenlin team, from company's website