LatAm List – Bayonet, a Mexican fraud detection startup, raised nearly $500K in a funding round with multiple investors including Avalancha Ventures, Soldiers Field Angels, 0BS, and various private angel investors.
The startup aims to protect e-commerce businesses from fraud through AI technology that quickly differentiates between legitimate customers and fraudulent ones. The process takes a matter of seconds, helping to prevent online payments from being mistakenly declined if the service provider suspects the transaction to be fraudulent.
The funding round also attracted investors from Mercadotencia and Ideas y Tecnologia (MIT). Bayonet will use the funds to grow its team of engineers and to further develop marketing strategies.
Fraud prevention is a big issue throughout Latin America and companies like Mexico’s Bayonet, Colombia’s Truora, and Ecuador’s Kriptos are becomingly increasingly important in tackling fraud threats. These companies are helping businesses enhance security and make transactions easier for customers across the region.
Read more on LAVCA.