Effectiv, a San Francisco, CA-based real-time fraud and risk management platform startup, raised an additional $4.5 million in seed funding to help organizations fight financial fraud.
The new funding came from Better Tomorrow Ventures LLC, with participation from Accel Partners LP and angel investors. This funding brought the total raised by the company to $9 million to date.
The company offers a fraud and risk management platform with artificial intelligence solutions for financial institutions and fintech companies.
Effectiv utilizes AI-driven solutions to provide services like payment fraud detection, customer and business onboarding verification, and compliance management. The platform is designed to be modular and offers a centralized risk hub, enabling companies to become compliant and fraud-free from the very beginning.
Key features of the platform include Know Your Customer, Know Your Business, and Transaction Monitoring. Users can investigate suspicious activities, gain insights into fraud ring behaviors, and proactively identify emerging threats. The platform allows for the comparison of data across channels to provide a better understanding of the impact of implemented strategies.
“We… recognize that the financial world is rapidly digitizing, changing how consumers and organizations interact,” co-founder and Chief Executive Ravi Sandepudi said in a statement. “At the same time, advanced generative AI technologies are attacking organizations at a scale we have never seen.”
Effectiv claims to have helped organizations process over $27 billion in financial products and is currently handling more than $100 million in daily transactions.
Company: Abra Innovations, Inc.
Round: Seed Round
Funding Month: July 2023
Lead Investors: Better Tomorrow Ventures LLC
Additional Investors: Accel Partners LP
Company Website: https://effectiv.ai/
Software Category: Fraud Protection Software
About the Company: Effectiv provides a real-time fraud & risk management platform for FIs & Fintechs. Enable AI-driven solutions for onboarding, transaction monitoring, underwriting, authentication events, and more. The company’s mission is to help its clients minimize the time, cost, and stress associated with fraud while automating compliance requirements with a world-class solution that combines human and artificial intelligence. Some of its notable customers include Cardlessa Inc., MANTL Software Inc., Pidgin Labs Inc., Nalu Pay LLC, Big Cart Technologies Pvt. Ltd., and USALLIANCE Financial Federal Credit Union.