Spanish SaaS fintech Kloutit, has raised €540,000 in funding. The company focuses on chargeback management and prevention for businesses.

Chargebacks are a financial mechanism that allows consumers to dispute a transaction and receive a refund from their bank or credit card issuer. This process is designed to protect consumers from fraudulent transactions and other purchase-related issues.

Kloutit’s services focus on AI that automates and accelerates chargeback processes, checks their validity, and combats the losses they can cause.

After only two months since its inception, it has managed to recover more than €150,000 for its customers through its services, which has guaranteed its profits in the long term.

Lanai Ventures and BStartup 10 led the round, which included Luis Osorio Solé (CEO of Stayforlong), Francesc López (COO of Stayforlong), Raúl Morón (CTO of Stayforlong), Axel Serena (CEO of ByeTravel), Manuel Roca (CEO of Atrápalo), Ricardo Fernández (CEO of Destinia) and Daniel Romy (founder of Simplr).

According to  Diego Camilleri, General Partner of Lanai Ventures: 

“Kloutit brings together all the ingredients we look for in an investment. Its founding team combines a deep knowledge of the problem, as Albert was responsible for this issue at Stayforlong, and the technological and strategic expertise of Adrián and Alexis, who complete an exceptional team.”

The company aims to use the funding to develop a comprehensive chargeback prevention tool, including adding payment processors and other parties involved in the sales process of their customers. This will reinforce and improve their current success rate, which stands at 80 per cent success rate in defending chargebacks to companies.

Its next step will be the start of pilot tests with several internet giants such as Atrápalo.

Lead image: Kloutit. Photo: uncredited.