Chargeback announced it has completed a $6.6 million Series A1 funding enabling the company to accelerate its capacity to help merchants decrease disputes, achieve higher win rates, optimize acceptance rates, and retain more revenue. The round was led by FINTOP Capital and Next Frontier Capital with participation from existing investors including Next Coast Ventures and Kickstart Fund.
"We are thrilled to add rapidly growing Chargeback to our fintech portfolio," said John Phillpott, partner at FINTOP. "In a space that is historically labor intensive and slow to adopt technology, the Chargeback SaaS platform has made them a clear leader in the dispute management space. The way Chargeback couples automation, data aggregation and deep insights helps merchants easily and quickly scale, optimize revenue and provide a better customer experience."
With this investment, Chargeback can accelerate its mission to alleviate the pain of managing disputes for both U.S. and international merchants.
Dispute management has historically been a labor-intensive cost of doing business and a poor experience for customers. Additionally, digital transactions are disputed 12 times more often than in-store purchases. With the COVID pandemic, there has been an overnight spike in e-commerce which has only exacerbated the situation for online merchants.
To solve this problem, Chargeback offers a SaaS-based dispute management platform that acts as a collaboration hub for integrating and automating every step of the dispute lifecycle. The platform reduces operational overhead, optimizes retained revenue, increases acceptance rates, and improves the customer's experience.
"The support of FINTOP and Next Frontier allows us to continue to execute on our accelerated growth strategy and innovation goals immediately," said Chargeback CEO John Munro. "With the rise of e-commerce spending during the COVID-19 pandemic, merchants have seen a rise in fraud and disputes. I am thrilled that we are poised to continue our track record of helping merchants retain more of their hard-earned revenue -- now and for years to come."
FINTOP's experience in finance and technology offers Chargeback both strategic and technical support as it expands solutions that efficiently and effectively replace arcane manual dispute management processes with its streamlined, revenue-protecting platform.
For more information on Chargeback, visit https://chargeback.com.