Ecommerce fraud prevention solutions provider Riskified has raised $165 million in a Series E funding round at a valuation of over $1 billion.
The latest funding round, which brings the total raised by the firm to over $228 million, was led by General Atlantic, with participation from Fidelity Management & Research Company, Winslow Capital Management, and existing investors Qumra Capital, Pitango Venture Capital and Entrée Capital.
In a blog post, Riskified CEO Eido Gal and CTO Assaf Feldman, who are both founders of the company, said the money will be used to accelerate product development and for further global expansion.
“We’ll be able to offer even more solutions that help merchants drive revenue and deliver a better customer experience. The new clients and partners that we onboard and the new products we deliver will, in turn, increase our accuracy and improve our performance,” Gal and Feldman explained in a joint blog post.
Riskified provides an AI-powered fraud prevention platform that enables merchants to instantly determine if a transaction is legitimate or fraudulent.
Riskified claims its solutions can help customers increase order approval rates by up to 20% and they can reduce fraud-related costs by up to 50%.
The company says its solutions are used by many major companies and it claims to analyze transactions from 235 countries and territories across the world. Riskified has offices in the U.S. and Israel, and it plans on opening a new office in China by the end of the year.
“Riskified is the rare blend of realized performance and considerable potential. The company’s innovative model has enabled it to deliver significant ROI to its customers and partners, with a clear runway ahead for strategic expansion of its geographic footprint, product offering, and consumer base,” said Tanzeen Syed, managing director in General Atlantic’s Technology sector.