A founder-led, cash-rich AI fraud “guarantee” platform hits profitability while the market prices it like a low-growth insurer—creating asymmetric upside if growth re-accelerates.
Overview
Riskified is an AI-powered e-commerce risk platform that has evolved from chargeback protection into a broader suite covering payment fraud, policy abuse/returns, account takeover, and dispute management, with a new offering aimed at securing “agentic commerce” in 2026. Its flagship model is differentiated: it earns a fee on approved transactions and assumes 100% liability for fraud-related chargebacks, aligning incentives with merchants who care about reducing false declines and protecting thin margins. The company serves large global enterprises and is seeing strong momentum in money transfers/digital payments and international regions like APAC. Financially, Riskified has reached an inflection—first GAAP-profitable quarter in Q4 2025, positive cash generation, no debt, and ~ $300M cash—yet trades at a very low EV/revenue multiple, setting up a potential mispricing if growth and profitability prove durable.