General Atlantic-backed Riskified valued at US$4.3 billion in NYSE debut

REUTERS: Riskified Ltd, an online risk management platform backed by an affiliate of growth equity investor General Atlantic, notched a valuation of US$4.3 billion after its shares jumped more than 28per cent in their stock market debut on Thursday.

Shares opened at US$27, compared to Riskified's initial public offering (IPO) price of US$21 per share that helped raise US$367.5 million.

The company, founded by Eido Gal and Assaf Feldman in 2013 to solve online payment fraud, sold 17.5 million shares in the IPO, of which existing shareholders offered about 200,000 shares.

Riskified aims to reduce risks related to online fraud for e-commerce businesses and has built a machine learning-based platform that minimizes payment risk.

"We're opening offices in Australia, Shanghai, London, Mexico and Brazil, so there is much opportunity globally," Chief Executive Officer Eido Gal told Reuters.

The Tel Aviv, Israel-based company recorded a 30per cent rise in revenue to US$169.7 million for the year ended Dec. 31, 2020, a recent regulatory filing showed. However, it incurred a loss of US$11.3 million in the same period.

Goldman Sachs, J.P. Morgan and Credit Suisse were the lead underwriters for the offering.

(Reporting by Sohini Podder and Niket Nishant in Bengaluru; Editing by Shailesh Kuber)