According to the press release, Ravelin has pioneered the use of machine learning and graph network technologies to help online businesses accept more payments with confidence, as the company made its reputation by securing transactions for large-scale food and cab-ride marketplaces. Revelin has since expanded into travel, ticketing, entertainment, gaming, gambling, and retail. It has marquee clients in each sector globally and since its previous funding round in September 2018 Ravelin has helped these businesses to:
accept over 1.2 billion transactions;
secure over 230 million active user accounts;
use machine learning to block 4 million fraudulent accounts which attempted to place 14.7 million orders worth USD 53 billion;
use graph networks to block 1.6 million fraudulent accounts which attempted to place 7.4 million orders worth USD 17 billion;
14 million compromised accounts identified and secured since in 2020.
The funding round will help Ravelin reach more global markets and industries. Key to this expansion is Fiserv, which recently selected Ravelin's technology as a component of its Fraud Detect solution. Leveraging real-time fraud scoring and machine learning capabilities, Fraud Detect from Fiserv is used today by leading global brands to reduce their overall exposure and cost of fraud across digital commerce channels.
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