Fraudio raises $3.3m for fraud prevention platform
Fraudio, a Dutch startup that has developed a cloud-native centralised AI-powered payment fraud detection system, has raised $3.3 million in seed funding.
Aiming to take over from the rules-based fraud prevention systems still prevalent today, Fraudio’s technology is designed for all parts of the payments ecosystem: payment-service-providers, acquirers, issuers, processors, card schemes and large merchants that run their own checkouts or gateways.
The startup’s proprietary and patented AI technology, along with a network effect from a vast dataset of transactions and real-time signals, is used for three products: payment fraud detection; merchant initiated fraud detection; and money laundering detection.
The company already claims clients in Europe, North America, Latin America and Asia, including Viva Wallet, Borgun, Novalnet, PagueloFacil.