nSure.ai has raised $18 million in Series A funding headed by MoreTech Ventures with participation from seed-round investors including DisruptiveAI, Gryffin Ventures, and Moneta Seeds.
The startup has raised $25.4 million to date, including a round of $6.8 million in June.
nSure.ai was founded in 2019 by CEO Ziv Isaiah and CTO Alex Zeltcer to provide retailers with insurance-backed fraud detection for digital goods transactions. The program is designed for suppliers of high-risk digital goods, including electronic gift cards, airline tickets, concert tickets, sports tickets, money transfer apps, hotel vouchers, software, and games. These online sales areas have had significant rejection rates, resulting in lost sales and good clients.
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As online marketplaces grow in popularity, fraudsters use out-of-date fraud-prevention systems that were not designed to oversee the sales of FinTech products, cryptocurrency, non-fungible tokens, and other virtual items. The vendor is unable to recuperate the lost items in the case of digital commodities such as gift cards, games, cryptocurrency, financial services, and airline tickets.
These causes lose 30% of sales due to concerns of fraud. nSure.ai claims that their fraud protection intelligence reduces decline rates by 90%, approving up to 98 percent of transactions utilizing merchant-specific data.
nSure.ai’s technology ensures that all valid transactions are accepted and that 2% of fraudulent charges are prevented.
nSure.ai has already established itself in the prepaid and gaming sectors and is actively securing more sectors by offering its clients guaranteed chargeback protection.
The funding will enable the company to expand its anti-fraud, chargeback-free guarantees, while also fulfilling growing demand from other sectors that lack adequate fraud prevention technology.
“FinTech businesses that run wallets and cryptocurrency-based services enable instant fund transfers, creating a significant incentive for expert fraudsters and scalable fraud practices,” said Alex Zeltcer, co-founder and CEO of nSure.ai. “Traditional e-commerce-based fraud protection technologies are unprepared to handle this new market. Merchant-specific AI models combined with real-time anomaly detection, such as the ones we provide, assist these new generation businesses in growing without taking on unnecessary risk.”
