Justt, an Israeli startup developing an AI-powered platform to fight fraudulent chargebacks, raised $70 million across three different funding rounds, including a series B led by Oak HC/FT and two previously unannounced rounds led by Zeev Ventures and F2 Venture Capital, respectively.
Chargeback fraud, also known as friendly fraud, is exactly what it sounds like. This is what happens when when a consumer makes an online shopping purchase with their own credit card, and then requests the charge be canceled from the issuing bank after they have already received the purchased goods or services. Once approved, the chargeback cancels the financial transaction, and the consumer receives a refund of the money they spent. Dependent on the payment method used, the merchant can be accountable when a chargeback occurs.
Another Israeli firm working in the same field is Riskified. Israeli startup Riskified, which offers e commerce fraud prevention services, is looking to a $3 billion IPO. By reducing chargebacks and increasing approval rates, Riskified says that it has helped magnify growth for its clients.
Founded by Israelis Roenen Ben-Ami and CEO Ofir Tahor, Justt was originally called AcroCharge. Justt boasts that its dashboard will show clients what is hiding in their chargebacks data. Spot and analyze trends with visual tracking. They promise merchants that they will be notified of new chargebacks, get clear status updates, and be provided with an easy-to-use drag-and-drop evidence tool.
Tahor said, “The chargeback system is fundamentally unjust, but many merchants view their losses as simply the cost of doing business. At Justt, we believe there’s a better way, and that eCommerce sellers need someone in their corner as they navigate this archaic system. Justt is committed to providing a streamlined, cost-effective, and scalable solution for today’s top brands. With this funding, we’re ready to level the playing field for online merchants, helping them achieve better results, keep more of their revenues, and stay focused on growing their businesses.”