Riskified, an eCommerce fraud prevention solution specializing in AI and machine learning techniques, received a new round of venture capital funding, the company said in a blog post. It is a Series E funding round of $165 million led by General Atlantic and joined by Fidelity Management & Research, Winslow Capital, and previous investors.
Riskified plans ot use the money to expand their product offerings and customer base.
“What’s most exciting about this funding is what it will allow us to do. We’ll use these funds to accelerate our product development and further expand our geographic footprint,” the post said. “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.”
In addition to the funding round, the company announced it is currently valued at more than $1 billion, placing it in the rarefied air of tech “unicorn” companies. Riskified’s CEO and co-founder, Eido Gal, stressed Riskified will use the funding to continue doing the same things that led it to its current state of success.
“Riskified began as a new and unproven approach to fraud prevention and payments. Achieving success required merchants to believe in our vision and partner with us. Today’s announcement is a testament to those partnerships and the leadership position we attained in this important market,” he said. “These funds will allow us to continue to develop innovative solutions that help move commerce forward.”