Once again Veridu has secured money for the company’s further growth and expansion. This time Chargebacks911 has invested an undisclosed amount of money in the London-based start-up. Besides the investment, Chargebacks911 has also signed a deal with Veridu to roll out the company’s software in the U.S.
London, October 25th, 2016: “The investment from Chargebacks911 is testament to the technology we have succeeded in developing at Veridu over the past couple of years. Among other things our technology allows us to tell if a customer is legitimate or, in the case of a chargeback, what the probability is that the customer did in fact make the purchase online. We base our scoring on the internet user’s digital footprint and advanced machine learning. There’s a tremendous need for this among merchants who are losing millions of dollars each day because of fraudsters,” says Rasmus Groth, CEO and founder of Veridu.
Every year billions of online transactions are carried out throughout the world, but fraud hurts the merchants’ sales and profits. To avoid losing money, merchants reject customers they find suspicious, but blunt tools mean legitimate customers are also being declined. The result is lower sales, and disgruntled customers. At the other end of the spectrum, some customers will claim their card was stolen, or fraudulently used, once they have received the ordered products or services. In those cases, the merchants must pay back the money from the sale, a so-called chargeback, and thus incur a loss.
Rapidly changing payments industry
For a number of years Chargebacks911 have worked on different ways to reduce merchants’ losses and maximize their profits. As an investor and now also partner for Veridu’s technology, the new investor sees itself as a perfect match for the young start-up.
“The payments industry is transforming rapidly and merchants can no longer contemplate managing risk without the consideration of adverse effects on revenues. Our investment in Veridu aligns with our current growth strategies, further perfecting a dynamic platform for expanded global scale and scope. We have looked at dozens of similar investments over the last couple of years and are very impressed with Veridu's technology, leadership, and board composition,” says Gary Cardone, CEO of Chargebacks911.
This is the third time Veridu is raising a large sum of money for its technology platform. Last year Veridu secured money from leading global payments provider, Worldpay.
Veridu is the most accurate, reliable and trustworthy tool to quickly and efficiently verify the identity of users in order to eliminate fraud and unwanted user behaviour. Veridu provides both Single Sign On plugins and more comprehensive authentication tools to give the highest level of protection, with the simplest possible process for both businesses and end users. Founded in 2014 in Copenhagen, Veridu is now headquartered in London.
About Chargebacks911 and Global Risk Technologies:
Chargebacks911 offers the industry’s most advanced solutions for mitigating fraud and chargeback risk. The company, headquartered in the Tampa Bay area, creates industry-defining proprietary solutions for card-not-present chargeback remediation. Chargebacks911 was distinguished in both 2014 and 2015 as one of the fastest-growing companies in the U.S. and was named Customer’s Choice Best Chargeback Management Program in 2016.
Chargebacks911 is a subsidiary of the Dublin, Ireland-based Global Risk Technologies. Together, these organizations provide the most comprehensive and scalable solutions for fraud prevention and chargeback mitigation.