Fraud protection startup nSure AI raises $6.8M in seed funding
Summary
The Tel Aviv-headquartered startup, which currently has 16 employees, provides fraud detection for high-risk digital goods, such as electronic gift cards, airline tickets, software and games. Founders Alex Zeltcer and Ziv Isaiah started the company after experiencing the unique challenges faced by retailers of digital assets. The first week of their online gift card business found that 40% of sales were fraudulent, resulting in chargebacks. The founders began to develop their own platform for supporting the sale of high-risk digital goods after no other fraud detection service met their needs. Zeltcer, co-founder and chief executive, said the investment "enables us to register thousands of new merchants, who can feel confident selling higher-risk digital goods, without accepting fraud as a part of business.” NSure AI, which currently monitors and manages millions of transactions every month, has approved close to $1 billion in volume since going live in 2019.