nSure.ai, a predictive AI fraud protection company on Monday announced a successful seed fundraising round of $6.8 million.
These funds will go towards further developing nSure.ai’s predictive AI and machine learning algorithms that have reimagined digital fraud detection.
Unlike physical goods, digital goods are instantly delivered and deposited. These include gift cards, top up & prepaid debit cards, software and game keys, digital wallet transfers, international money transfers, tickets, and more. Sellers of physical goods have warehouse processing times to double-check charges and can withhold a shipment if needed. Digital sellers lack this buffer, so even if fraud is detected minutes later, the assailant is untraceable, leaving sellers to absorb hefty chargeback fees.
Before founding the company in 2019, the founders of nSure.ai, Alex Zeltcer and Ziv Isaiah, experienced first-hand the unique challenges faced by retailers of digital assets. During the first week of operating their online gift card business, 40% of sales were fraudulent, resulting in chargebacks. They turned to leading fraud detection solutions from the physical goods space but soon realized that they did not meet their needs. This led them to develop a platform that focuses specifically on supporting the under-served digital goods sector.
Sellers of physical goods have access to incumbent anti-fraud technologies that prevent fraudulent charges and come with chargeback guarantees.
Now, nSure.ai is bringing this technological and chargeback guarantee revolution to the digital goods sector, freeing digital goods retailers of worry and opening greater opportunities to scale.
Alex Zeltcer, co-founder and CEO
We are thrilled that our investors have placed their trust in our leadership and confidence in nSure.ai. This 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.
