Riskified

NYSE: RSKD · Fintech & E-Commerce Infrastructure · Listed 2021 · Headquartered in Tel Aviv

Riskified (NYSE: RSKD) is the Tel Aviv e-commerce fraud-prevention platform that guarantees the chargeback risk on online transactions for the world's largest merchants — and one of the most operationally consequential Israeli fintech-infrastructure companies on US public markets.

Founded in 2012 by Eido Gal and Assaf Feldman, Riskified built the chargeback-guarantee product that productized e-commerce fraud risk as an outsourced, AI-underwritten service. The company listed on the NYSE in July 2021. The post-IPO period included a substantial drawdown followed by a margin-discipline-driven operational recovery — by 2025–2026, five consecutive profitable quarters, expanding adjusted EBITDA, and gross-margin trajectory well above the original IPO model.

Founding & background

Riskified was founded in 2012 in Tel Aviv by Eido Gal and Assaf Feldman. Gal, who holds the CEO role, was previously a senior product manager at Fraud Sciences (the Israeli fraud-prevention company acquired by PayPal in 2008 for one hundred and sixty-nine million dollars). Feldman, the technical co-founder, was Gal's collaborator at Fraud Sciences. The founding insight was that the chargeback-guarantee model — in which an outsourced fraud-prevention vendor takes on the merchant's chargeback risk in exchange for a per-transaction fee — converted a traditional vendor-software relationship into an underwriting business. That structural reframing was the entire commercial innovation.

What they do today

Riskified operates a chargeback-guarantee fraud-prevention platform serving the world's largest e-commerce merchants, including luxury, travel, marketplace, and Shopify Plus brand customers. The product line has expanded beyond the core chargeback-guarantee product into adjacent fraud-and-abuse categories: account protection (account takeover), policy abuse (returns, promotions, loyalty), and dispute resolution. Revenue in 2024 was approximately three hundred and thirty million dollars, with gross margins expanding meaningfully through 2024 and 2025 as the underwriting book matured and the company benefited from operating leverage. Employees: approximately seven hundred and fifty.

Israeli nexus

Headquartered in Tel Aviv. R&D, engineering, and the senior leadership ranks are Israeli. Gal and Feldman are both Israeli. The Fraud Sciences lineage that connects Riskified to the broader Israeli fraud-prevention industrial cluster — including Forter, BlueVoyant, and the longer tail of Israeli fraud-prevention specialists — is a defining feature of the company's engineering culture.

Israeli e-commerce fraud as a global infrastructure layer

Riskified's significance in the Israeli economy belongs to a specific category: the Israeli e-commerce-and-payments fraud-prevention cluster. Israeli participation in this category is structurally outsized — Riskified, Forter, BlueVoyant, the Verifone Cybersource integration team, and a long tail of specialist companies collectively make Israel one of the most concentrated geographies globally for transactional fraud-prevention engineering. The Fraud Sciences (2008) and Cyota (2005) acquisitions of the mid-2000s seeded the talent base; Riskified is the listed flagship of the generation that followed. The 2024–2026 operational recovery — driven by margin discipline rather than top-line growth — is the cleanest demonstration in the Israeli fintech-infrastructure cohort that a post-2022 reset can be navigated through execution.

Listing history

Riskified listed on the NYSE on July 29, 2021, at twenty-one dollars per share, valuing the company at approximately three point three billion dollars. The stock more than doubled briefly post-IPO before retracing substantially through 2022 and 2023. The subsequent recovery has been operational rather than narrative-driven: five consecutive quarters of GAAP profitability through Q1 2026, adjusted EBITDA growth above three hundred percent year-on-year, and sustained share-buyback execution. Current market capitalization is in the seven-hundred-million-to-one-point-two-billion-dollar range.

Why it matters

Riskified's strategic question for 2026 is whether the chargeback-guarantee category is structurally large enough to compound the operating margin trajectory the company has demonstrated, or whether the addressable market caps the franchise at its current scale. The case for: the e-commerce fraud category continues to grow with global e-commerce penetration, the chargeback-guarantee model is structurally defensible against pure-software fraud-detection alternatives, and adjacent product categories (account protection, policy abuse) extend the platform meaningfully. The case against: the largest merchants increasingly build fraud capability internally, the chargeback-guarantee model requires balance-sheet capital that pure-software competitors do not, and AI-native fraud-detection entrants are attempting to reframe the category.

Watch points

• Sustained GAAP profitability and free-cash-flow trajectory.
• Adjacent product category growth — account protection, policy abuse, dispute resolution.
• Customer concentration and net dollar retention.
• Continued share-buyback execution.
• Competitive dynamics with Forter, Sift, and the broader fraud-prevention cohort.

Sources

Riskified Ltd., Annual Report on Form 20-F, fiscal year 2024 (filed via SEC EDGAR). Company investor materials at ir.riskified.com. Companion Olam coverage: Riskified: The Operator That Came Back Through Margin.

Olam coverage

See the companion Olam editorial piece Riskified: The Operator That Came Back Through Margin; companion Tier A entity profiles of Global-E Online (the Israeli cross-border-checkout counterpart) and Lemonade (Israeli AI-native insurance); and the flagship Olam Nasdaq 20.

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The Olam Editorial Team

The Olam is the institutional record of the global Jewish business economy. Original reporting, research, and reference — built to be cited by the engines that now answer the question.