Israeli fintech company Justt has announced the completion of a $30 million Series C financing round, which will aloow it to continue expanding its activities in protecting business against unjustified cancelations of transactions. The current financing round was led by Zeev Ventures with participation from existing investors Oak HC/FT and F2 Venture Capital and brings the total amount raised by Justt to $100 million.
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In its announcement, Justt said its aim is to confront one of the most significant challenges in online commerce – the practice of 'friendly fraud,' in which customers cancel valid credit card transactions, despite receiving the product or service that they ordered. This practice, which has grown in volume in recent years along with the major growth in online purchases, inflicts economic damage on businesses estimated at billions of dollars each year.
Recovering lost revenue
Justt was founded in 2018 by CEO Ofir Tahor and chief risk officer Roenen Ben-Ami. The company's platform analyzes over 500 sources of information in order to determine whether the cancelation of a transaction was justified. Unlike existing solutions that rely on manual handling or fixed templates, Justt's platform incorporates AI to adapt handling of each case. The platform also has the ability to continuously improve through machine learning. According to the company, the solution integrates efficiently with existing systems and is updated in accordance with regulatory requirements. Today, the company has over 200 customers in the fields of e-commerce, tourism and shipping services. According to its announcement, Justt expects to reach profitability in 2027.
Tahor said, "Our distinctive advantage in the industry is the ability to grow together with the customers, while continually upgrading the results through advanced machine learning. Our platform helps businesses to manage payment disputes more efficiently and recover lost revenue, while simplifying procedures with financial organizations. The investment will allow us to expand activities in global markets and speed up technological developments."
Justt currently has 100 employees, including 75 in Israel.
Published by Globes, Israel business news – en.globes.co.il – on December 19, 2024
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