Riskified combines a powerful $750 billion data moat, accelerating 22% growth and improving cash generation with meaningful customer concentration and guarantee-model risks, creating attractive long-term asymmetric upside.
Overview
Riskified is a SaaS fraud and risk-intelligence platform for mid-market and enterprise e-commerce merchants. Its Chargeback Guarantee uses real-time AI decisioning to approve legitimate orders while assuming liability for fraudulent chargebacks; Policy Protect, Account Secure, Adaptive Checkout and Dispute Resolve broaden the platform. The company’s competitive position rests on a data network containing more than $750 billion of processed GMV and over 1 billion interactions, plus high switching costs from deep merchant integrations. **Financial momentum is accelerating:** Q2 2026 revenue reached $98.7 million, up 22% year over year and $9.51 million above consensus, while adjusted EBITDA grew 84% to $3.9 million and free cash flow reached $12.9 million. Management raised FY2026 revenue guidance to $400 million-$410 million, adjusted EBITDA guidance to $33 million-$39 million and expects free cash flow above $40 million. **Valuation remains modest at 1.83x forward EV/Sales and approximately a 5.4% implied enterprise FCF yield.** Near-term catalysts are cohort margin recovery, continued digital-finance and international growth, ACH adoption, cross-selling and buybacks. Risks include GAAP losses, customer concentration, take-rate pressure, insider selling and the liability asymmetry of the guarantee model.