On Monday, the startup announced a $1.2 bridge round of funding led by KGC Capital, bringing its funding total to $2 million, following an $800,000 seed round in June of 2014.
Other participants in the round included UMB Bank, Wintrust, and SixThirty, a fintech accelerator.
"With our latest round of funding, we have seen great support from KGC Capital and our friends in Chicago and St. Louis," said Rippleshot CEO Canh Tran. "The participation of UMB Bank and Wintrust in this round, indicate that financial institutions recognize the value that our solution can bring to the growing problem of breach and fraud that impacts financial institutions and merchants across the country."
Rippleshot, a fraud analytics company that helps banks and credit unions detect fraudulent transactions more efficiently, said the additional funds will be used to help accelerate team growth — particularly in sales, development, and account management.
The company, which is based out the Merchandise Mart alongside hundreds of other companies that call 1871 home, said that Chicago’s tech scene has had a significant impact on their growth and success.
"We have benefited from the growth of the Chicago tech community and in particular 1871 over the last several years," Tran said. "The concentration of talent, VCs, mentors, and entrepreneurs has provided us with sources of funding, networking, and exposure that I think would have been harder 5-10 years ago."
In tandem with the close of the bridge round, Rippleshot also announced a new addition to its advisory board in Jason Henrichs, former COO of Boston’s PerkStreet Financial. Henrichs also acts as a mentor for many companies across the Techstars network.
According to the company, they’ve already processed millions of payments in real-time to help brands and banks proactively identify data breaches. Through machine learning and a heavy emphasis on analytics, the idea is to help prevent losses, protect a brand’s rep, and safeguard the payment experience.
Photo via Rippleshot.
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