Risk management platform Effectiv raises $4.5 mn capital in seed funding

Real-time fraud and risk management platform Effectiv on Wednesday said it has secured an additional $4.5-million capital in seed funding

Real-time fraud and risk management platform Effectiv on Wednesday said it has secured an additional USD 4.5-million capital in seed funding.

It will be used to accelerate the company's growth in helping organisations fight financial fraud, it said.

The latest funding round was led by Better Tomorrow Ventures and participation from Accel and angel investors.

"Our product has resonated with our partners, especially when fraud is at an all-time high. We also recognise that the financial world is rapidly digitising, changing how consumers and organisations interact.

"At the same time, advanced generative AI technologies are attacking organisations at a scale we have never seen," its CEO Ravi Sandepudi said.

The platform -- which provides AI-driven solutions like payment fraud detection, customer and business onboarding verification and compliance management -- said it has experienced rapid growth since launching in 2022.

The company has helped organisations process more than USD 27 billion in financial products and is currently processing more than USD 100 million daily, it claimed.