Israeli fintech companies Juste announced the completion of a $30 million Series C funding round. This allows us to continue to expand our efforts to protect 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.
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Israeli chargeback fraud prevention company Justt raises $70 million
In its announcement, Justt said its purpose was to address one of the most significant challenges in online commerce: “friendly fraud” where a valid credit card transaction is canceled even though the customer has received the ordered product or service. He said that the purpose was to counter the actions of This practice, which has increased in volume in recent years due to the significant increase in online purchases, costs businesses an estimated billion of dollars each year.
Recover lost revenue
Justt was founded in 2018 by CEO Ofir Tahor and Chief Risk Officer Roenen Ben-Ami. The company’s platform analyzes more than 500 sources to determine whether canceling a transaction is warranted. Unlike existing solutions that rely on manual processing or fixed templates, Justt’s platform incorporates AI to adapt the processing of each case. The platform also has the ability to continuously improve through machine learning. The company says the solution will efficiently integrate with existing systems and be updated in accordance with regulatory requirements. Currently, the company has more than 200 customers in the fields of e-commerce, tourism and delivery services. According to the announcement, Justt expects to reach profitability in 2027.
“Our distinct advantage in the industry is that we can grow with our customers while continuously upgrading our results through advanced machine learning,” said Tahor. “Our platform helps businesses manage payment disputes more efficiently. , which will help recover lost revenue and simplify financial procedures at the same time.” This investment will allow us to expand our activities in global markets and accelerate our technology development. ”
Justt currently has 100 employees, 75 of whom are in Israel.
Globes, Israel Business News – en.globes.co.il – Published December 19, 2024
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