Ecommerce fraud protection co Justt raises $30m

Israeli fintech company exactly The company announced the completion of a $30 million Series C financing round, which will allow it to further expand its activities in protecting businesses from unwarranted cancellation of transactions. The current funding round was led by Zeev Ventures with participation from existing investors Oak HC/FT and F2 Venture Capital, bringing the total amount raised by Justt to $100 million.

In its announcement, Justt said its goal is to address one of the most significant challenges in online commerce — the practice of “friendly fraud,” where customers cancel valid credit card transactions, despite receiving the product or service they ordered. The practice, which has been increasing in volume in recent years along with the significant growth in online purchases, causes billions of dollars in economic damage to businesses every year.

Recover lost revenue

Justt was founded in 2018 by CEO Ofir Tahor and Chief Risk Officer Ronen Ben-Ami. The company’s platform analyzes more than 500 sources of information to determine whether a transaction cancellation is justified. Unlike current solutions that rely on manual processing or static templates, the Justt platform incorporates artificial intelligence to adapt the handling to each situation. The platform also has the ability to continuously improve through machine learning. According to the company, the solution efficiently integrates with existing systems and is updated in accordance with regulatory requirements. Today, the company has more than 200 clients in the fields of e-commerce, tourism and shipping services. According to its announcement, Justt expects to reach profitability in 2027.

Taher said: “Our distinct advantage in the industry is the ability to grow with customers, while constantly updating results through advanced machine learning. Our platform helps companies manage payment disputes more efficiently and recover lost revenue, while simplifying financial procedures. The investment will allow us to expand our activities in Global markets and accelerating technological developments.

Justt currently has 100 employees, including 75 in Israel.

Published by Globes, Israel Business News – en.globes.co.il – on December 19, 2024

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