Chargeback, an American real-time dispute management platform for merchants, has closed a $6.6 million Series A1 funding round led by Fintop Capital and Next Frontier Capital.
Next Coast Ventures and Kickstart Fund joined the round, the proceeds of which will be used to boost Salt Lake City-based Chargeback's growth plans.
Dispute management has historically been a labour-intensive cost of doing business for merchants as well as a poor experience for customers. Chargeback says the problem is particularly bad for digital transactions, which are disputed 12 times more often than in-store purchases.
Chargeback's answer is a SaaS-based dispute management platform that acts as a collaboration hub for integrating and automating every step of the dispute lifecycle. The firm claims to reduce operational overhead, optimise retained revenue, increase acceptance rates, and improve the customer's experience.
John Munro, CEO, Chargeback, says: "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."