Chargeflow helps ecommerce companies to prevent loss of revenue by fraud and illegitimate chargebacks
US-based Chargeflow has secured $11m in funding to support its growth. The round was led by VC firm OpenView.
The fresh funding will allow the company to build new products and improve customer experience, such as its recently announced Stripe App.
Founded in 2021, the company has raised $14m in total. The company was founded by Avia Chen and his brother Ariel, after they suffered chargebacks at their previous company, Babe Cosmetics, an ecommerce cosmetics company.
Chargeflow helps ecommerce companies to prevent loss of revenue by fraud and illegitimate chargebacks. It is used by Klarna, Braintree and Recharge.
The number of friendly fraud (illegitimate chargeback) claims are increasing. A report by Chargebacks911 found that nearly three quarters of merchants surveyed have seen approximately a 20% increase in illegitimate chargebacks from Q4 2022 to Q1 2023.
On the latest funding, Avia Chen said in a statement: “This achievement would not be possible without the trust and support of our customers, investors, partners and the Chargeflow team.
“Looking ahead, we are more committed than ever to deliver a best-in-class chargeback solution for merchants and businesses.”