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CommerzVentures heads up major Fraugster funding round

Fraugster, a German startup that taps artificial intelligence to prevent fraud for online retailers, has raised $14 million in a Series B funding round led by CommerzVentures and early investors Earlybird, Speedinvest, Seedcamp and Rancilio Cube. Munich Re/HSB Ventures also participated in the round. 

The Berlin-based venture, whose clients include Ingenico ePayments and Six Payments, will use the funds to continue its expansion into new markets, including the US, Asia and Europe.

It was founded in 2014 by Max Laemmle, CEO, who previously co-founded the payment gateway company Better Payment, and Chen Zamir, CTO, who spent more than a decade in analytics and risk management roles including five years at PayPal.

Laemmle says: “Our technology is constantly improving and adapting to new fraud trends as they emerge around the world. We are protecting our clients from the risk of fraud and also giving them a significant revenue uplift because we’re reducing the number of genuine transactions that are erroneously blocked.”

Stefan Tirtey, managing partner at CommerzVentures, comments: “Fraud is a huge problem for eCommerce. Fraugster helps merchants to concentrate on selling, while reducing fraud and increasing conversion rates.”

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