Payments and fraud-prevention solution provider Riskified has raised $165m in a Series E funding round.

The fundraising, led by General Atlantic, increases Riskified’s valuation beyond $1bn.

Fidelity Management & Research, Winslow Capital, and Riskified’s existing backers also joined the round.

With the proceeds, Riskified plans to expand its product portfolio and market reach.

Riskified CEO and co-founder Eido Gal said: “Riskified began as a new and unproven approach to fraud prevention and payments. Achieving success required merchants to believe in our vision and partner with us.

“Today’s announcement is a testament to those partnerships and the leadership position we attained in this important market.

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“These funds will allow us to continue to develop innovative solutions that help move commerce forward.”

With offices in the US and Israel, Riskified enables e-commerce firms to combat payment fraud and failures.

Riskified-developed solutions are said to support the identification of fraudulent customers and improvement in conversion rates. Its product portfolio also includes chargeback prevention technology.

Overall, it assesses transactions from 235 countries and territories across the world.

According to the company, its technology enables clients to lower fraud-related costs by up to 50% and increase order approval rates by up to 20%.

Commenting on the investment, General Atlantic managing director and co-head of Financial Services sector Aaron Goldman said: “Our work in the payments space has shown us that Riskified’s machine learning-based approach provides material improvements over legacy fraud and risk management solutions.

“We believe that the Riskified team is strategically positioned to continue capturing this substantial market opportunity.”