London-based Trudenty, a consumer data network providing fraud risk intelligence in real-time, announced that it has secured $500K (nearly €457K) in a pre-seed round of funding.
The UK-based startup specialises in consumer data networks, offering fraud risk intelligence to enhance personalised payment experiences for merchants and acquirers, aiming to boost customer satisfaction and prevent fraud.
The investment was led by Fuel Ventures, with support from Techstars, Plug and Play, and angel investors.
Capital utilisation
The funds will help Trudenty to expedite product development and strengthen the team for an “impactful” launch. Committed to fostering trust and security in payments, the team aims to empower consumers as custodians of their own data.
Trust and security
Fraud remains a challenge in commerce and payments, affecting various stages of the consumer journey.
Trudenty addresses this by providing real-time 360-degree consumer fraud profiles, allowing merchants to prevent fraud and customise payment experiences during checkout and refunds for enhanced trust and security.
Acting as a payments orchestration layer, Trudenty incorporates consumer fraud risk intelligence into payment systems, allowing for tailored checkout options.
For refunds, the platform offers automated decisions for instant refunds to trusted consumers and assists refunds for others, streamlining the refund process and minimising manual work for merchants.
The Trudenty Trust Network uses blockchain to hold pseudonymised consumer fraud risk profiles, generated by a machine-learning smart contract algorithm.
Drawing data from sources such as Open Banking and real-world data, the network provides consumers beyond merchants’ networks and payment methods.
Anchored by a ‘self-sovereign identity,’ the network ensures consumers have visibility and control over their data, fostering trust between consumers and merchants.
Founded in 2022 by Marco Kome and Lerato Matsio, currently, the company is onboarding merchants in the UK and France.
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