CHICAGO, February 8, 2017 - Rippleshot, a Chicago-based fraud analytics firm, recently announced it has raised $2.6 million in its latest round of funding. KDWC, a Chicago-based venture capital firm led the group of notable investors, including CMFG Ventures, the venture capital entity of CUNA Mutual Group.
Rippleshot will use the new funding to grow its technical team of developers and data scientists in order to support the company’s continued growth in the credit union and banking market, as well as an expansion into the merchant fraud detection space. In addition to closing this latest round of funding, Rippleshot also announced the addition of Gloria Colgan to its advisory board. Colgan is a recognized expert in the emerging payments sector and as a senior executive at Discover Financial Services and JPMorgan Chase.
“I am very pleased to join Rippleshot’s impressive board of seasoned payment veterans,” says Gloria Colgan. “This is an extremely exciting time in the company’s growth and I look forward to helping accelerate their leading position in the market.”
Rippleshot is transforming the way that issuers, merchants and processors detect fraud through a cloud-based technology solution that leverages machine learning and data analytics to distinguish fraudulent activity more quickly and efficiently. Rippleshot’s award-winning technology processes millions of payment card transactions in real-time to proactively pinpoint when and where a breach of card data occurred. Following detection, Rippleshot then identifies which cards are most at risk of seeing fraudulent activity, and suggests appropriate mitigation strategies to best prevent fraud loss.
“This latest round of funding comes at a time where we are in a unique place to help bridge the fraud detection gap between issuers and merchants,” said Canh Tran, CEO and Co-founder of Rippleshot. “As we expand into the merchant space, we are excited to put this funding to good use as we work to encourage collaboration across the industry in order to make payments more secure for everyone. With Gloria joining our board, her impressive background will be invaluable as we take the next step in growing our footprint.”