Ravelin Technology, a UK-based fraud detection technology developer backed by financial services firm Barclays, today raised £16.4m ($20.6m) in series C funding.
Draper Esprit led the round, which included Amadeus Capital Partners, BlackFin Capital Partners’ BlackFin Tech fund and Passion Capital.
Founded in 2014, Ravelin has developed a piece of machine learning and graph network technology-equipped software which helps its enterprise customers thwart digital payment fraud.
The company will use the series C cash to explore new markets and sectors and improve Ravelin Accept, a product that assists companies in complying with the EU’s second Payment Services Directive, commonly known as PDS2 or open banking.
BlackFin Capital Partners led Ravelin’s $10.4m series B round in 2018, investing alongside Amadeus Capital, Passion Capital and Playfair Capital, which came two years after the latter three had backed a $3.7m series A that included individuals Errol Damelin and Paul Forster.
Ravelin graduated from Barclays Accelerator in early 2015, receiving $20,000 of seed capital from Techstars, before raising $2m from Amadeus Capital Partners, Playfair Capital and Passion Capital, as well as Errol Damelin, Paul Forster, Gigi Levy and Jeremy Millar later the same year.
