Fraud prevention startup nSure.ai has closed an $18 million Series A funding round that brings the total investment in the company to $25.4 million.
The funding round was led by MoreTech Ventures and received participation from previous investors DisruptiveAI, Gryffin Ventures, and Moneta Seeds.
Founded in 2019, the Tel Aviv-based nSure.ai leverages artificial intelligence and machine learning for real-time data analysis, offering guaranteed chargeback protection to all customers.
The startup claims that its platform can help retailers of fintech products, games, cryptocurrency, and other virtual goods reduce decline rates by 90%. Typically, nSure.ai says, online retailers sacrifice up to 30% of sales due to suspicion, mainly because for many digital goods no recoup is possible.
The Series A investment will help nSure.ai extend its anti-fraud, chargeback-free guarantees and meet increasing demand for fraud prevention capabilities.
“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. 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,” said Alex Zeltcer, co-founder and CEO of nSure.ai.