Chargeback automation company Chargeflow has closed a $35 million Series A funding round led by Viola Growth, with participation from existing investor OpenView Venture Partners.
The round includes a new $10 million debt facility and brings the platform’s total funding to $49 million, building on an $11 million round led by OpenView in August 2023.
Chargeflow was founded by brothers Ariel Chen and Avia Chen in 2020, and operates a platform which uses machine learning algorithms to automatically manage and prevent chargebacks for merchants.
The technology integrates with over 100 payment and e-commerce systems to detect disputes, compile evidence, and submit chargeback processes, and is currently used by around 15,000 merchants globally.
According to a statement, the fresh funding will be used to “fuel Chargeflow’s AI-driven product innovation and complete its end-to-end chargeback automation suite”.
This includes “scaling global go-to-market operations”, with Chargeflow now shifting its focus from serving small and medium-sized businesses to larger enterprises.
To reach this audience, the company confirms that a new enterprise sales team has been set up at its office in New York, with further developments to products Chargeflow Connect and Chargeflow Prevent, launched in May and September, respectively, in the pipeline.
Source: https://www.fintechfutures.com/
