Trudenty announces its pre-seed round of $500k lead by Fuel Ventures with participation from Techstars, Plug and Play and an angel investor. Trudenty is a consumer data network providing consumer fraud risk intelligence to help merchants and merchant acquirers offer personalised payments experiences to consumers to increase customer satisfaction, loyalty and retention; whilst preventing fraud.

Ensuring Trust and Security

Eliminating fraud to create trust & security is still a major challenge impacting commerce and payments. Merchants battle with fraud along the consumer journey; from account takeover, online payment fraud, friendly fraud and return-and-refund fraud. Trudenty provides merchants with a 360 view of their consumers’ fraud profiles in real time, helping merchants prevent fraud and personalise consumer payments experiences at checkout and refund.

Trudenty has started by helping merchants and merchant acquirers offer personalised payments to consumers at checkout and during refunds. Trudenty enables the personalisation of checkout options by acting as a payments orchestration layer and embedding consumer fraud risk intelligence into payments stacks. During refunds, Trudenty helps merchants make automated and assisted decisions that enable instant refunds for trusted consumers and assisted refunds for everyone else, effectively reducing the manual work related to refund operations. 

The Trudenty Trust Network is a blockchain based network holding pseudonymised consumer fraud risk profiles computed by a machine-learning powered smart contract algorithm. Each fraud risk profile is built across multiple data sources, including Open Banking data and various other real world data sources. Trudenty builds a view of the consumer that is unconstrained by a merchant or acquirers’ network reach and extends beyond the payment method consumers present. Anchored by its ‘self-sovereign identity’, the network helps merchants build trust with consumers by ensuring that consumers maintain visibility and control over their data.

The company recently unveiled the Trudenty Trust Network at the Worldline epayments challenge where it took top prize in its category and was ranked in the top 5 of the overall innovation contest. Currently, they are onboarding merchants in the UK and France.

The raise

Trudenty’s £365k pre-seed round was lead by Fuel Ventures, with participation by Techstars, Plug and Play and angel investors. This fundraise has enabled the team to accelerate product development and bolster the team to ensure an impactful launch. The team has been committed to delivering a solution that will help ensure trust and security in payments, whilst empowering consumers as custodians of their own data.

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