Fraud prevention firm Riskified raised $165m from investors, valuing the seven-year-old start-up at more than $1bn.
The Tel Aviv-based business uses artificial intelligence tools to cut fraud, as it analyses transactions in over 200 countries.
The firm’s clients include Mattel, Lastminute.com, Prada and Canada Goose. It says companies who use its products “typically” see fraud-related costs slashed by 50 per cent.
The business completed its Series E funding yesterday, led by private equity firms General Atlantic, Fidelity Management and Winslow Capital Management.
The deal gives the firm, founded by Eido Gal (pictured, left) and Assaf Feldman (pictured, right) in 2012, highly-prized unicorn status, a private company valued at more than $1bn.
New markets
Riskified said it will use the fresh cash to boost its product range and expand domestically and internationally.
The business, currently employs over 420 staff in offices in Tel Aviv and New York, said it will open a new office in Shanghai before the end of the year.
Chief executive Gal said: “These funds will allow us to continue to develop innovative solutions that help move commerce forward.”
Managing director and co-head of General Atlantic’s Financial Services sector Aaron Goldman said: “Our work in the payments space has shown us that Riskified’s machine learning-based approach provides material improvements over legacy fraud and risk management solutions.”
Goldman added: “We believe that the Riskified team is strategically positioned to continue capturing this substantial market opportunity.”
The company said has benefitted from a 250 per cent compound annual growth rate over the past five years.
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