Riskified Nets $1.65 Million in Seed Funding
July 11, 2013
Antifraud technology provider Riskified this week closed a $1.65 seed funding round. Tel Aviv-based Riskified developed a risk-management platform based on various detection technologies that enables e-commerce merchants to verify and approve more transactions, even high-risk ones. The company guarantees approved transactions and will refund the transaction fee if the purchase is fraudulent.
“Current risk management is broken because the business incentive of the fraud services provider is not aligned with the merchant’s incentive to sell more,” said Eido Gal, co-founder of Riskified. “Instead, we’ve built a complete platform capable of discerning legitimate transactions from fraudulent ones, with zero risk to the merchant, lending them more opportunities to dramatically increase sales.”
The funding round was led by Genesis Capital Partners, Formation 8, Founder Collective, Entree Capital, The Accelerator Group and T5 Capital.