Dutch payment fraud detection firm Fraudio has bagged $3.3m in a seed funding round.
The round saw participation from companies such as BiG Start Ventures, BYND Venture Capital, Viva Wallet, Stone, ComplyAdvantage and Volt.
Established in 2019, Fraudio claims its mission is to connect merchants, payment service providers, merchant acquirers, card issuers and other players in the payments chain to a centralised AI smart brain that prevents, detects and fights fraud in real time.
Fraudio added that it is aiming to take over from the rules-based fraud prevention systems that are ‘still prevalent’ today.
The company noted its AI technology is used for payment fraud detection, money laundering detection and merchant-initiated fraud detection.
To date, Fraudio claims it has clients in Europe, North and Latin America and Asia, with clients ranging from Novalnet, Viva Wallet, Borgun and PagueloFacil.
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