Justt Raises $30 Million for AI-Powered Chargeback Management Platform
Chargeback management firm Justt raised $30 million to bolster its artificial intelligence-powered platform.
The Series C round brings Justt’s total funding to $100 million and will allow it to expand into high-growth regions as it aims to reach profitability by 2027, according to a Thursday (Dec. 19) press release.
“The company will enhance its proprietary AI-driven platform, which analyzes over 500 data points from multiple sources to create tailored, high-quality arguments for each case,” Justt said in a news release. “This dynamic system leverages machine learning to optimize dispute win rates and continuously improve outcomes over time.”
The company last raised money in 2021 and has since then seen its revenue triple in 2023 and double again during 2024, per the release. This year also saw Justt almost double the total chargeback volume it managed over the previous year, while merchants using the platform recovered nearly twice as much revenue on average.
“This funding will drive our global expansion, fuel technological advancements, and further our mission to help merchants resolve payment disputes more efficiently and recover more revenue,” Justt CEO and co-founder Ofir Tahor said in the release.
Such disputes can be a headache for merchants and consumers, according to the PYMNTS Intelligence report “How Card Disputes Are an Opportunity to Cultivate Customer Loyalty.”
“Unexpected charges are a reality that 30% of consumers experienced in just the last 12 months,” PYMNTS wrote in October. “These charges could include either outright fraud or some level of ambiguity. For example, a cardholder may not recognize the charge amount or merchant. Providing clarity on such credit card charges can prevent charge disputes from happening.”
Cardholders who initiated a charge dispute because of unclear charges reported that they were less satisfied with its resolution, with 29% saying they were unsatisfied. The resulting confusion is tied directly to the cardholder’s dissatisfaction with how the dispute was handled.
Most consumers plan to continue using the card they initiated a dispute with.
“Somewhat paradoxically, card disputes provide an opportunity for financial institutions to improve their customer loyalty,” PYMNTS wrote.
On the flip side, chargebacks cost merchants about $54.5 billion per year. The complexity around chargebacks ranges from genuine consumer disputes to cases of friendly fraud, where shoppers initiate chargebacks for transactions they authorized.
The post Justt Raises $30 Million for AI-Powered Chargeback Management Platform appeared first on PYMNTS.com.