Justt, an Israeli business using technology to fight false chargebacks , has raised $70 million in funding.

The funding was raised across three tranches, including a Series B round led by Oak HC/FT and two previously unannounced rounds led by Zeev Ventures and F2 Venture Capital, respectively.

False chargebacks, or "friendly fraud", happens when consumers falsey dispute charges to their credit/debit card, resulting in theirbank cancelling payments.

"The chargeback system is fundamentally unjust, but many merchants view their losses as simply the cost of doing business,” said Ofir Tahor, chief executive, Justt. “At Justt, we believe there's a better way, and that e-commerce sellers need someone in their corner as they navigate this archaic system.”

Tahor added: “Justt is committed to providing a streamlined, cost-effective, and scalable solution for today's top brands. With this funding, we're ready to level the playing field for online merchants, helping them achieve better results, keep more of their revenues, and stay focused on growing their businesses."

According to the company, last year chargeback fraud cost merchants over $125 billion in lost revenues.

Justt fully automates chargeback disputes on behalf of merchants with its AI-driven solution. The technology flags incorrect chargebacks, which the business says typically represent around 85 per cent of disputes.

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