Chargeflow, a Wilmington, Delaware, and Tel Aviv, Israel-based chargeback automation solution designed exclusively for online businesses, closed an $11 million financing round led by OpenView, a venture capital firm that specializes in product-led business software.
This funding builds upon a previously undisclosed $3 million pre-seed round and will be utilized to further enhance Chargeflow's technology development efforts and strengthen its growth trajectory in the US market. The goal is to solidify its position as a leader in the industry.
“Cardholders readily admit they file chargebacks out of convenience, and they are succeeding because retailers lack the resources, expertise, and technology to quickly identify and stop this fraudulent activity. That’s why more and more businesses are turning to Chargeflow,” said Ariel Chen, co-founder and CEO of Chargeflow. “Our team helps online retailers recover more revenue, and with this latest round of funding, we will further evolve our platform and scale our team to meet the surging demand from online retailers.We are excited to begin working with the OpenView team and leveraging their valuable expertise to help us accelerate the company’s growth and achieve these goals.”
Chargeflow offers a fully automated chargeback mitigation platform. The platform employs Generative AI and machine learning modules to analyze millions of data points, enabling it to swiftly process and generate customized dispute evidence for each chargeback.
The platform seamlessly integrates with existing e-commerce platforms, payment service providers (PSPs), and related tools. This integration allows online businesses to leverage Chargeflow's capabilities without disrupting their existing workflows, ensuring a smooth and convenient experience.
Company: Chargeflow, Inc.
Raised: $14.0M
Round: Pre-Seed + Unknown
Funding Month: August 2023
Lead Investors: OpenView
Additional Investors:
Company Website: https://www.chargeflow.io/
Software Category: Chargeback Management Software Solutions
About the Company: Launched in 2021, Chargeflow provides fully automated chargeback management solution designed for e-commerce merchants by e-commerce entrepreneurs. Chargeflow leverages technology and Generative AI, along with human expertise, to help recover lost revenue and alleviate chargeback pains for online merchants. Chargeflow is directly integrated with prominent platforms like Shopify and its payment processor Shopify Payments, as well as PayPal, Stripe, Klarna, Braintree, and others.
Source: https://www.globenewswire.com/news-release/2023/08/08/2720747/0/en/Chargeflow-Secures-14M-in-Funding-Led-by-OpenView-to-Fuel-its-AI-Driven-Chargeback-Automation-Solution-Market-Expansion.html