Israeli chargeback fraud prevention company Justt today announced that it has raised $70 million in funding The funding was raised across three tranches, including a Series B round led by Oak HC/FT and two previously unannounced rounds led by Zeev Ventures and F2 Venture Capital, respectively.
Founded as AcroCharge by Israeli tech veterans Roenen Ben-Ami and CEO Ofir Tahor, Justt's mission is to help global merchants fight false chargebacks with smart technology. False chargebacks, also known as "friendly fraud," occur when shoppers incorrectly dispute charges to their credit/debit card, resulting in their financial institution canceling their payments and merchants losing earned revenues.
Justt fully automates chargeback disputes on behalf of merchants. The company’s AI-powered solution allows it to flag incorrect chargebacks, which typically represent at least 85% of disputes. Justt leverages deep expertise navigating the antiquated and opaque chargeback system, together with smart tools, to build a system tailored to each merchant that gathers the most compelling evidence and submits it on their behalf. The result is a fully customized and hands off solution, eliminating the need for complex, costly, and time-consuming in-house mitigation programs.
Justt, which has 110 employees, has seen annual recurring revenue (ARR) growing 20% month-over-month. Strategic individual investors in Justt include former PayPal president David Marcus, former Square Capital head Jacqueline Reses, and DoorDash executive Gokul Rajaram.
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."
Published by Globes, Israel business news - en.globes.co.il - on November 16, 2021.
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