August 24, 2016
Riskified, Fit Pay Net New Funding Rounds
Feb. 11, 2016
The last week has seen investment activity in CNP companies accelerate. Riskified, a Tel Aviv-based antifraud technology provider secured $25 million in new funding led by Qumra Capital. Riskified, which launched in 2013, was one of the first antifraud software providers to guarantee retailers it would pay chargeback costs associated with any transaction it approved that turned out to be fraudulent. The new round, which includes participation from The Phoenix Company, NTT DOCOMO Ventures and several existing investors, brings Riskified’s total funding to $31 million.
“It’s a win-win for global retailers,” said Eido Gal, cofounder and CEO of Riskified. “They’re recouping millions in revenue from fraud loss while gaining customers that would have otherwise been rejected. Not only do we approve 66 percent of orders retailers plan to decline, but we also guarantee every order we approve to provide assurance and peace of mind.”
Separately, San Francisco-based Fit Pay raised a seed round of $3.1 million to fund development and sales of its platform that will enable wearables to make contactless payment transactions. Security company Giesecke & Devrient led the round, with startup accelerator Plug and Play Tech Center also participating.