tel avivbased justt 70mann: Justt, a firm developing an AI-powered platform to fight fraudulent chargebacks, has emerged from stealth with $70 million secured over three fundraising rounds, including a series B headed by Oak HC/FT and two previously unreported rounds led by Zeev Ventures and F2 Venture Capital, respectively.
Who is Justt?
A Tel Aviv-based company called Justt offers a variety of digital insurance options for the modern day. Being a leading innovation in the insurance sector since its founding in 2018, Justt uses cutting-edge technology to provide customized insurance products and services that are tailored to the specific requirements of each individual consumer.
Justt uses machine learning and artificial intelligence to evaluate risk and determine premiums, one of its primary benefits. This enables the business to provide highly personalized insurance plans suited to each customer’s unique demands. It includes risk profiles, leading to more accurate and affordable insurance coverage.
The products available from Justt include insurance for your automobile, house, travel, and more. The business also provides a number of value-added services, including 24/7 roadside assistance, online claims administration, and immediate policy issuance.
Justt distinguishes itself from conventional insurance companies by putting a strong emphasis on simplicity, openness, and customer-centricity. Customers may quickly purchase and maintain their insurance policies online thanks to the company’s digital-first strategy. It eliminates the need for time-consuming paperwork or challenging bureaucracy.
Justt Announces $70M Funding in Series, Comes out of Stealth and Protects Online Users From False Chargebacks Using AI
Roenen Ben-Ami and Ofir Tahor founded Justt in February 2020, and according to its website, it totally automates chargeback disputes on behalf of online retailers. A Series B round of funding for the firm, led by Greenwich, Connecticut-based Oak HC/FT, raised $50 million recently.
A $15 million round led by Zeev Ventures and a $5 million raise by F2 Venture Capital in 2020. Former PayPal president David Marcus, former Square Capital CEO Jacqueline Reses, and former DoorDash executive Gokul Rajaram are among the strategic individual investors in Justt.
The company Justt, formerly known as AcroCharge, claims that its annual recurring revenue has increased by 900% since September 2020. It now has over 110 staff, compared to just three a year ago. The business chose not to disclose the valuation at which its Series B was raised.
For those who are unfamiliar, chargebacks are claims made by a credit card company for a shop to cover a loss resulting from a disputed or fraudulent purchase. Using the artificial intelligence it has created, Just wants to aid merchants throughout the world in preventing erroneous chargebacks.
Fake chargebacks, are commonly referred to as “friendly fraud.” It happens when customers mistakenly contest charges made to their credit and also debit cards. This causes their financial institution to invalidate their payments and causes businesses to lose money.
More About Justt’s AI-powered Technology
According to the company, improper chargebacks account for over $125 billion. In annual damages and often account for at least 85% of disputes. Justt’s AI-powered technology is built to identify these chargebacks. It creates a system that is customized for each merchant. Interfaces with their card processors gather information to disprove bogus chargeback claims and send it to credit card issuers on their behalf.
In the end, it hopes to displace internal mitigation programs for businesses, most of whom are big corporations like blockchain payment startup Wyre as well as fintech unicorn Melio. Some of the company clients have over 10,000 chargebacks handled each month. tel avivbased justt 70mann
Although the chargeback system is essentially unfair, many merchants consider their losses to be an inevitable part of doing business. Justt’s CEO and co-founder Tahor stated, “We also believe there is a better approach and that e-commerce companies need someone on their camp. As they negotiate this antiquated system.