RAVELIN RAISES $10.4 MILLION FOR E-COMMERCE FRAUD PROTECTION: London-based Ravelin, which uses machine learning technology to help e-commerce firms fight and anticipate the risk of fraud, has closed an £8 million ($10.4 million) Series B round. Led by BlackFin Capital Partners, the round also saw participation from existing investors Amadeus Capital Partners, Passion Capital, and Playfair Capital, reports TechCrunch. The startup has earmarked the funds for use in expansion plans, including the opening of an office in the US. It will also use the proceeds for further investment in other capabilities that complement its core offerings, including account security and risk prediction. Launched in 2016, the firm has added eShopWorld, Just Eat, and Quipup, among others, to its enterprise client portfolio in the last year. Online fraud continues to cause serious concern — last week, British Airways suffered a data breach that targeted 380,000 transactions. As fraudsters continue to develop more complex and sophisticated methods to target channels like e-commerce platforms, costs associated with fraud are spiraling — the average cost of a data breach was $3.6 million globally last year. As such, we are likely to see firms like Ravelin that use technology to mitigate and stop fraud risks continue to gain traction and investment.