Ravelin, a machine learning fraud detection company based in London, has raised approximately $3.7 million (£3M) in funding to support its growing global client base. The finance round was led by Playfair Capital with participation from Amadeus Capital, Passion Capital, Wonga founder Errol Damelin and Indeed.com founder Paul Foster.
Ravelin has grown its revenue by more than 600% since its commercial release in January 2016. The company has also been adding features and adopting techniques to enable clients to accept legitimate orders while refusing suspicious or fraudulent ones.
“We have focused squarely on growing the company by doing a great job for our clients,” said Martin Sweeney, CEO of Ravelin in a statement. “This investment enables us to continue to grow our team and invest in the infrastructure and technology we need to give the same great experience to even more clients based around the world.”
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