Bolt closes USD 75 mln funding round to fight ecommerce fraud

Tuesday 22 December 2020 12:36 CET | News

The checkout platform Bolt has announced that it closed a USD 75 million funding round, Venture Beat reports. 

Founded in 2014, the US-based company Bolt provides several tools designed to facilitate web transactions. Its business model initially revolved around currency in online checkouts, but it shifted its focus to developing technology around checkout and fraud detection that integrates with platforms like Shopify, Magento, BigCommerce, Woocommerce, and Salesforce Commerce Cloud.

In order to reduce fraud, Bolt captures mouse pointer locations, typing speeds and accuracies, copying and pasting behaviours, and other browsing, cart, and checkout data. Its ML algorithms analyse more than 200 variables on each transaction, and a dedicated team reviews every declined transaction. However, customers flagged as potentially malicious are allowed the chance to provide additional information to get their orders approved.

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Keywords: Bolt, ecommerce, fraud, machine learning, funding, online checkout, ML, fraud detection
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime