Fraud prevention platform nSure.ai has raised $18 million in Series A funding, led by MoreTech Ventures with additional investments by seed-round participants, including DisruptiveAI, Gryffin Ventures and Moneta Seeds.
Tel Aviv-based nSure.ai uses real-time fraud protection backed by AI, and its most frequent customers are in the prepaid and gaming sectors. The company plans to use the funding to extend its anti-fraud and chargeback-free guarantees to additional sectors, as online marketplaces continue to boom amid the rise of crypto, NFTs and virtual goods.
“FinTech companies powering wallets and crypto-based services offer an immediate transfer of funds, creating a huge incentive for sophisticated fraudsters and scalable fraud patterns,” Alex Zeltcer, co-founder and CEO of nSure.ai, said in a news release. “Standard, e-commerce-based fraud prevention platforms are ill-equipped to deal with this new market. Merchant-specific AI models, along with real-time anomaly detection, such as the ones we offer, help these new generation companies on their growth without taking excessive risk.”
nSure.ai’s AI-driven technology continuously evolves in response to the threat landscape, and the company says its real-time fraud protection intelligence reduces transaction decline rates by 90 percent.
“This round of funding is allowing us to scale our technology along with in-house services,” Ziv Isaiah, co-founder and CTO, said in the release. “Our team is growing to onboard more companies, while in parallel, our technology will be able to accommodate more industry-specific requests as we scale.”
The company’s Series A funding round follows less than a year after the company raised about $7 million in seed funding.
“nSure.ai is the first to bring a dedicated product to safeguard merchants selling digital goods – a rapidly growing market, yet exceptionally difficult to protect against fraud,” Sam Bernstein, partner at MoreTech Ventures, said in the news release. “Driven by machine learning, nSure.ai’s customers get a customizable solution, maximizes approvals, reduces friction, and a revenue model that is fully aligned with their needs. nSure.ai saw tremendous traction delivering 500 percent in revenue growth in slightly over a year. Bottom line, merchants selling digital goods need nSure.ai.”