Riskified files for NYSE IPO

Eido Gal and Assaf Feldman  credit: Adi Orni

E-commerce fraud prevention solutions company Riskified was valued at $1 billion in its last fund-raising round in 2019.

Another Israeli unicorn is on its way to Wall Street: Riskified, developer of payment and credit fraud prevention solutions for e-commerce, has filed a prospectus for an IPO on the New York Stock Exchange. The company has not yet stated what valuation it seeks. In its last private fund raising round, in 2019, it was valued at $1 billion. Since it was founded, it has raised $229 million.

Riskified was founded by Eido Gal (CEO) and Assaf Feldman (CTO) in 2012. Among its shareholders are the Genesis, Qumra and Pitango venture capital firms, and also Fidelity and General Atlantic.

Like other Israeli technology companies that have reached Wall Street recently, Riskified presents growing revenue but is still not profitable. In 2020, its revenue totaled $170 million, up from $131 million in 2019. It posted a loss of $11.3 million in 2020, which compares with a loss of $14.2 million in 2019. EBITDA was positive in 2020, at $2.5 million.

In the first quarter of 2021, revenue grew to $55.1 million from $33.2 million in the corresponding quarter of 2020. The net loss was $43 million, which compares with breakeven in the corresponding quarter. The loss was mainly because of losses in connection with convertible preferred shares.

Last week, four Israeli companies became newly listed on Wall Street: Payoneer, Taboola, ironSource, and SentinelOne, the first three through mergers with SPACs, and the fourth in an IPO.

Goldman Sachs, JPMorgan, and Credit Suisse are acting as the lead book runners for Riskified's proposed offering.

Published by Globes, Israel business news - en.globes.co.il - on July 4, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Eido Gal and Assaf Feldman  credit: Adi Orni
Eido Gal and Assaf Feldman credit: Adi Orni
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