Fraud protection startup Legiti announced this Wednesday (26) an investment round of BRL 42 million, led by funds Kaszek Ventures, GFC, Iporanga and Picus Capital.
Founded in 2019 by Pedro Sanzovo and Pearson Henri, the company uses artificial intelligence to prevent fraud in ecommerce transactions. Currently, the Brazilian startup provides services to clients such as Daki, Quero Delivery, Americanas Delivery, Gringo, Zee.Now, Apptite and Rei do Pitaco, among others.
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For Legiti, the investment should help in the development of its solutions and the expansion of its team.
“Having as partners large investment funds, such as Kaszek Ventures, is a great honor for us, demonstrating the importance that working with the use of artificial intelligence to prevent the advance of fraud has in the industry as a whole”, explains the CEO from Legiti, Pedro Sanzovo.
The company estimates that it has already prevented more than BRL 53 million in losses for its customers. The startup‘s differential lies in its data-based operation and, therefore, without the need for human intervention.
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The platform instantly analyzes transactional information, such as purchase value, delivery method; user data; session data such as device information, IP, VPN; and dynamic data like time spent on page, clicks, among many others.
“We know that fraud in Brazilian retail is constantly evolving, with increasingly new scams that bring more headaches to the merchants. To give you an idea, 45.5% of the credit card BINs leaked in the world are from Brazil”, points out Legiti CTO, Pearson Henri.
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“Similarly, the parallel evolution of alternatives to combat fraud is necessary, with solutions that allow for a reduction in chargeback rates and an increase in the approval of orders. For this, the use of technology is fundamental”, explains Henri.