Fraud analytics firm Rippleshot said Monday (Dec. 7) that it garnered $1.2 million in a bridge round of funding.
The investment was led by KGC Capital, alongside other firms, such as UMB Bank, Wintrust and FinTech accelerator SixThirty.
In a press release announcing the funding round, Rippleshot said that the capital that it has raised will be earmarked to pay for staff that spans salespeople, developers and account managers, as the firm’s business continues to expand. The staffing efforts themselves come in tandem with the announcement that Jason Henrichs will be named to the Rippleshot advisory board. Henrichs cofounded PerkStreet Financial, where he also served as chief operating officer. The executive was also an early investor in fellow fraud analytics outfit Memento, which went on to be acquired by FIS.
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In a statement that accompanied the release, Bailey Moore, vice president of Wintrust Ventures, said: “We are always looking to invest in and support local startups that we feel will make a difference in the world of financial services. Rippleshot has developed a unique and innovative solution that helps banks and credit unions detect fraud more quickly and efficiently. We pride ourselves on providing our clients with the highest level of security and are excited to be piloting Rippleshot’s product over the next few months to ensure we have the most efficient methods of fraud detection in place."
Rippleshot has said that its own fraud technology solutions come through a cloud-based system that “leverages machine learning and data analytics” to process millions of payment card transactions in real time, a system that allows for accurate identification of data breaches and eventually leads to effective risk control and efforts to limit fraud loss across both banks and card processors themselves.