Another fintech investment to chalk up in London: Passion Capital has invested an undisclosed level of seed funding in Ravelin, an early stage online fraud prevention startup formed by a team of ex-Hailo employees in January this year. The startup is currently working out of Passion’s co-working space, White Bear Yard.
Ravelin’s founders had been involved in fraud prevention at the taxi app, among other roles, where they came up with the original idea to spin out their own business. The seed funding will be used to get their platform to market later this year.
Passion’s average seed round investment — last we crunched the numbers — was around £187,300. TechCrunch understands that in Ravelin’s case the VC is investing above that average. Albeit the sums involved here are clearly modest at this nascent stage. Ravelin is currently working with a small group of beta customers as it develops the platform for a full launch, pegged for Q4.