Justt, a company on a mission to make the process of resolving credit card payment disputes fair and simple for merchants using AI and smart technology, announced on Tuesday that it has exited stealth mode, having raised a significant $70 million.
The funding was raised across three tranches, including a Series B round led by Oak HC/FT and two previously unannounced rounds led by Zeev Ventures and F2 Venture Capital, respectively.
Justt will use the funds raised to expand its global mission of helping merchants fight false chargebacks with smart chargeback. It is a system designed to counter customers incorrectly disputing charges to their credit or debit cards, resulting in financial organizations canceling the transaction and the merchants incurring lost revenue.
In 2020, chargeback fraud cost merchants more than $125 billion in lost revenues and accounted for 86 percent of all reversed transactions. Approximately 80 percent of merchants still have no solution in place to help them identify and prevent such fraud.
The company, formerly known as AcroCharge and which tech industry veterans Roenen Ben-Ami and Ofir Tahor founded, fully automates chargeback disputes on behalf of merchants. Utilizing a powerful artificial intelligence solution, at least 85 percent of incorrectly flagged chargebacks can be flagged. Their solution can be tailored to individual merchants, creating a customized and hands-off solution, which eliminates the need for complex, costly, and time-consuming in-house mitigation programs.
The firm has experienced rapid growth since the beginning of 2021, with annual recurring revenue (ARR) growing 20 percent on a month-over-month basis, and now has more than 110 employees.
“The chargeback system is fundamentally unjust, but many merchants view their losses as simply the cost of doing business. At Justt, we believe there’s a better way, and those eCommerce sellers need someone in their corner as they navigate this archaic system,” said Justt CEO Ofir Tahor. “Justt is committed to providing a streamlined, cost-effective, and scalable solution for today’s top brands. With this funding, we’re ready to level the playing field for online merchants, helping them achieve better results, keep more of their revenues, and stay focused on growing their businesses.”