Israeli payments startup Fraugster raises $5 million

Date: January 16, 2017 Published by

  • Fraugster, the company that has invented an Artificial Intelligence (AI) technology to eliminate payment fraud, has raised $5 million in funding.
  • “We founded Fraugster because we could see the opportunity to tackle fraud with modern technology,” said CEO Max Laemmle.
  • The German-Israeli company is already handling almost $15bn in transaction volume for several thousand international merchants and payment service providers, such as Visa.
  • Based on average performance, Fraugster can reduce fraud by 70 per cent while increasing conversion rates by as much as 35 per cent.
  • Earlybird partner Christian Nagel said: “We are very excited to be working with Fraugster.