Fraugster gets EUR 12.2 mln funding to fight fraud in online retail

Thursday 8 November 2018 09:36 CET | News

Fraugster, a Germany-based startup, has raised EUR 12.2 million in a Series B funding round to help online merchants fight fraudulent transactions.

The funding round was led by CommerzVentures, the venture capital subsidiary of Commerzbank, along with existing investors Earlybird, Speedinvest, Seedcamp and Rancilio Cube. Munich Re / HSB Ventures, the venture capital arm of the global reinsurer Munich Re, also participated in the round. The startup will use the funds to continue its expansion into new markets, including the US, Asia and Europe, where retailers are facing an accelerating battle against fraud.

Fraugster has developed a proprietary technology that takes data from multiple sources, and analyses and cross-checks it in a fraction of a second to determine whether a transaction is fraudulent or not. By monitoring thousands of data points, Fraugster’s technology can build a picture of a user’s trustworthiness and decide whether the transaction is genuine or not.

Together with the funding from January of 2017, this brings the total amount of outside funding raised by Fraugster to about EUR 17 million.

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Keywords: Fraugster, AI, fraud, security, ecommerce, Germany, funding, online security, retail, data analysis, funding round
Countries: World

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