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Fraud detection firm Ravelin closes £3m round led by Playfair Capital

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Ravelin, a firm that uses machine-learning to detect and fight fraud, has raised £3m in funding.

Lead investor Playfair Capital was joined by Amadeus Capital, Passion Capital, Errol Damelin (founder of Wonga) and Paul Foster (founder of Indeed.com).

Martin Sweeney, CEO of Ravelin, said: “We have focused squarely on growing the company by doing a great job for our clients. This investment enables us to continue to grow our team and invest in the infrastructure and technology we need to give the same great experience to even more clients based around the world.”

Over £63m in UK tech funding, WeWork’s $500m, Facebook’s Q2 results and more in The Week in Tech

This round comes after Ravelin secured seed funding from Passion Capital in March 2014. Following this, the company – which claims to serve Deliveroo and US-based taxi service Via Taxi – went on to close a £1.3m funding round in September of the same year.

Speaking about the raise, Nathan Benaich, partner at Playfair Capital, commented: “We are delighted to have led this round. Ravelin has achieved impressive market traction by building fraud detection technology from the ground up to address the ongoing issue of payment fraud.

“This problem is growing faster than online commerce and Ravelin’s machine learning approach brings the requisite speed, scale and performance to solve it efficiently,” he concluded.

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