--- title: "Company results for 2023: Ravelin achieves record revenue and bookings" date: 2024-01-31T10:53:00+00:00 author: Martin Sweeney canonical_url: "https://www.ravelin.com/blog/ravelin-achieves-record-revenue-and-bookings-in-2023" section: Blog --- Blog /[Press release](/resources?search=&category%5B0%5D=175650#resourceContainer "Go to Press release") # Company results for 2023: Ravelin achieves record revenue and bookings Ravelin achieves record revenue and bookings in 2023, extending its AI-native fraud platform to large enterprises and inking key strategic partnerships 31 January 2024 ![Company results for 2023: Ravelin achieves record revenue and bookings](https://storage.googleapis.com/ravelin-website-assets-production/assets/images/_blogSmall/201850/265-Ravelin-Shareholder-Press-Release-Social-Blog-885-x-505.webp) Ravelin is today a world-leading enterprise-grade AI fraud prevention platform, dramatically reducing payment fraud for large enterprises such as Spotify, Deliveroo, Just Eat, Trainline, Frasers Group, among others. - Across all [our products](https://www.ravelin.com/solutions), we undertook ten billion scores including two billion orders, a record year on both fronts. - Differentiation as a truly AI-native fraud prevention platform in a market moving rapidly away from traditional rigid rule-based systems lacking computing power. - Record number of clients operating the Ravelin payment fraud platform. - Large enterprise clients consistently achieving exceptional ROI of 5–10x within a few months of using the Company’s solution. - Employee headcount managed well below revenue growth rate. Ravelin completed 2023 with a record ten billion scores (including two billion orders) and near 80% gross margins, maintaining consistently strong growth throughout the year in a particularly challenging market environment. Having built our native-AI fraud prevention platform to serve the highly-complex on-demand segment, where it remains the market leader, the Company has broadened its enterprise client base both geographically and in terms of product functionality, and now protects over 300 merchants and brands across the US and Europe. [Ravelin’s platform is AI native](https://www.ravelin.com/insights/machine-learning-for-fraud-detection), enabling our system to run thousands of self-evolving models in parallel to cater for each client’s specific needs. This remains a true differentiator in a market moving away from legacy systems which, if they use machine learning at all, are highly constrained, drastically limiting performance and responsiveness in real-time. 2023 also saw record expansion in our product offerings beyond [our core payment fraud engine](https://www.ravelin.com/insights/machine-learning-for-fraud-detection), to encompass [fraudulent account takeovers](https://www.ravelin.com/solutions/account-security), [returns & refunds](https://www.ravelin.com/solutions/policy-abuse), [marketplace payouts](https://www.ravelin.com/solutions/policy-abuse), and promotions & vouchers, which in turn extends our use cases to retail, digital goods, travel, and ticketing, increasing our addressable market to $9 billion. Ravelin also now offers fraud scoring for large payment gateways/Payment Service Providers (PSPs), inking a multi-year strategic partnership with payment processor Elavon, which in turn has also partnered with us to offer Ravelin to its small and medium-sized enterprises (SME) customer base. Finally, after a significant multi-year investment period, Ravelin now offers [comprehensive 3D Secure payment authentication](https://www.ravelin.com/solutions/3ds-product-3d-secure-server-sdks). We have already authenticated over four million payments across 13 merchants, up from zero in 2022, with an exceptionally strong order pipeline heading into 2024. With new functionality rolled out in recent years, early cross-sell and upsell opportunities are already delivering 150% net dollar increase across existing clients over a three-year period on average, which we anticipate increasing sharply during 2024, based just on year-end visibility alone. Meanwhile, client retention remains exceptionally strong, with only 1% unwanted client churn. This client retention and growth is a direct result of Ravelin’s market-leading ROI. Our fraud prevention solution consistently delivers superior results, yielding a 5–10x ROI for clients within a few months after using the Company’s solution. Ravelin has also renewed and extended a range of core existing partnerships, which will underpin additional growth in 2024. We signed a multi-year contract to power Fiserv’s Fraud Mitigation Score product, whose clients are already benefiting from our real-time fraud scoring and AI capabilities to reduce their overall exposure and cost, across a wide range of digital channels. Our recent Elavon relationship will deliver Ravelin's market-leading fraud detection not only to Elavon's Enterprise merchants but also its vast SME merchant base, and enables Ravelin to act as the analytical layer of Elavon’s 3D Secure authentication solution. Similarly, we have renewed our multi-year partnership with Mastercard, incorporating both Mastercard’s Ekata digital identity verification capabilities and its Ethoca early fraud alerts into Ravelin’s fraud detection platform to help merchants validate a consumer’s identity without added friction. Commenting on the results, **Martin Sweeney, Ravelin’s Co-Founder and CEO, said**: *"The unprecedented rise in online payments since the pandemic has triggered a sharp increase in both the extent and variety of fraud. In the most demanding use-cases, Ravelin’s AI-native platform consistently outperforms competitive solutions, and we are already the preferred fraud partner for several of the world’s leading payments and financial software vendors.* *As more enterprise customers require AI solutions to their growing fraud issues, Ravelin is one of the only companies in the world proven to deliver this at scale.* *Beyond our results, and the expansion of our offerings, we are also incredibly proud of our high employee retention and engagement across the board, and both our development and product teams have had the most productive years ever in the company’s history.”* ## Author ![Martin Sweeney](https://storage.googleapis.com/ravelin-website-assets-production/assets/images/_avatarSmall/201892/Martin_Sweeney-1.webp) Martin SweeneyCo-Founder and CEO With a background in software and physics, Martin Sweeney believes in harnessing the power of technology to solve real-world problems. He co-founded… [More from this author](https://www.ravelin.com/author/martin-sweeney) ## Related content [Blog / Fraud analytics ### Refund abuse KPIs: How to measure and reduce refund fraud rates What you need to know to assess and quantify refund abuse – as well as to measure whether your refund abuse solution and strategy are delivering results. ![Can](https://storage.googleapis.com/ravelin-website-assets-production/assets/images/_33x33_crop_center-center_none_ns/280078/can.webp)Can Colak,Senior Product Manager](https://www.ravelin.com/blog/how-to-measure-refund-abuse-kpis) [Blog / Press release ### Driven by AI, customers now rival criminals for ecommerce fraud, say merchants Global ecommerce fraud enters a new phase as losses continue to climb. Merchants now view criminals and their own customers as presenting a comparable risk, and there's a gap in AI adoption. ![Ravelin Symbol Blue 1](https://storage.googleapis.com/ravelin-website-assets-production/assets/images/_33x33_crop_center-center_none_ns/187712/Ravelin-Symbol-Blue-1.webp)Ravelin Technology](https://www.ravelin.com/blog/ravelin-fraud-survey-2026-press-release) [Blog / Payments & payment fraud ### Safeguarding agentic commerce – fraud strategy advice by Ravelin's CPO "If there’s anything fraudsters like, it’s a new thing." Here's how to protect your online shop from agentic commerce fraud – which can target you no matter whether you're actively adopting AI shopping or not. ![RAVELIN STAFF Mark Barlow Head Of product website](https://storage.googleapis.com/ravelin-website-assets-production/assets/images/_33x33_crop_center-center_none_ns/175066/RAVELIN_STAFF_Mark_Barlow_Head_Of_product_website.webp)Mark Barlow,Chief Product Officer](https://www.ravelin.com/blog/agentic-commerce-fraud-prevention-strategy-analysis)