Fraudio raised $3.3 million in seed funding.

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Fraudio, an Amsterdam, Netherlands-based cybersecurity SAAS company, announced completing a $3.3 million seed funding round.

The money was raised from investors from BiG Start Ventures and BYND Venture Capital, joined by the founders of Stone, SaltPay, Viva Wallet, ComplyAdvantage and Volt.

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.

Total investments received (USD): 3.95M
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