Fraudio raised $3.3 million in seed funding.
Fraudio, an Amsterdam, Netherlands-based cybersecurity SAAS company, announced completing a $3.3 million seed funding round.
Fraudio, founded in 2019 in Portugal by João Moura and Nathan Trousdell, developed a cloud-native centralised AI-powered payment fraud detection system. Aiming to take over from the rules-based fraud prevention systems still prevalent today, Fraudio's technology is designed for all parts of the payments ecosystem: payment-service-providers, acquirers, issuers, processors, card schemes and large merchants that run their own checkouts or gateways.
Business cases include using Fraudio's tech for three products: payment fraud detection; merchant initiated fraud detection; and money laundering detection. Customers include Viva Wallet, Borgun, Novalnet, PagueloFacil.
Fraudio previously raised $650k in 2020.