Rippleshot gets USD 2.6 Million funding for business growth

Among the investors, we name KDWC, a Chicago-based venture capital company and CMFG Ventures, the venture capital entity of CUNA Mutual Group.

The new funding will be used to grow its technical team of developers and data scientists in order to support the company’s continued growth in the credit union and banking market, as well as an expansion into the merchant fraud detection space. Rippleshot uses cloud-based technology solution to detect fraud. The solution leverages machine learning and data analytics to identify which cards are most at risk of seeing fraudulent activity, and suggests appropriate mitigation strategies to prevent fraud loss.

In addition to its round of funding, Rippleshot announced the addition of Gloria Colgan to its advisory board. Colgan is a recognized expert in the emerging payments sector having formerly served as President of PYMNTS.com and as a senior executive at Discover Financial Services and JPMorgan Chase.