Top new businesses of 2016: Ravelin
The fraud detection and prevention platform
Founders: Stephen Whitworth, Leonard Austin, Martin Sweeney, Mairtin O’Riada and Nick Lally
Launched: January 2016
Online fraud represents a serious problem for businesses of all sizes around the world. As criminal techniques grow ever more sophisticated, so too do the measures needed to protect against these security threats.
Launched in January after a number of paid trials, fraud detection and prevention platform Ravelin helps to protect against online payment fraud by examining customer behaviour data and identifying potential fraudsters before it’s too late.
The start-up integrates relevant visitor, registration, ordering, location and payment data from its clients in real time before using machine learning, combined with its graph database, to spot and block fraudsters. It claims this approach helps clients reduce charge-backs to 0.1% of sales, increase conversion and reduce the need for manual reviewing.
Less than a year since launch, Ravelin boasts an impressive client base including Young Gun-founded delivery platform Deliveroo, event discovery app and booking service YPlan, and on-demand massage app Urban Massage, to name but a few. Ravelin’s technology was used to shut down over 5,000 “bogus” accounts for YPlan.
After closing a £3m funding round in October this year – its third investment round to date – Ravelin will be making its client base even more impressive in 2017 with the expansion of international operations set for next year.