Merchants pay out a lot in chargebacks from the use of credit card purchases. Sometimes things go wrong with the sale resulting in a charge-back after the merchandise has been sent and delivered. The process for credit card disputes is cumbersome and time-consuming. Justt is a technology company that provides solutions that help merchants with a simplification of the process to help avoid unnecessary work and chargebacks which end up costing them a lot in the long run. If you're not yet familiar with this company, here are 20 things you probably didn't know about Justt that will bring you up to speed.
1. Justt is still in its infancy
According to Crunchbase, Justt is a brand new company that hasn't been in business for long. The business officially launched in February of 2020. It is just under two years old. Remarkably, the new startup has already achieved a remarkable level of success.
2. Justt is a versatile tech company
Justt is listed across three industries in its listings on the internet. It provides technology services that are designed for financial services. It is also listed in the Payments category because the solutions are used with credit card transactions. It is an E-commerce company that helps online vendors find appropriate solutions for credit card dispute processes.
3. Justt customizes its products and services
Another interesting fact about Justt is that it is designed to help businesses of all types and sizes. Any company that accepts credit cards could benefit from their services. The solutions offered by Justt are tailored to meet the needs of each business, regardless of its size or its industry classification. Justt's solutions do most of the work by gathering evidence on the behalf of the merchants and going one step further by submitting the evidence to ease the burden of chargebacks.
4. Justt saves clients money
The solutions Justt provides flag chargebacks that are incorrect to help prevent unnecessary processes from costing companies unnecessary charges. It takes little effort and cuts down on the amount of time that staff is required to spend sorting out disputes over credit card purchases. The unique algorithms ensure that the process is fair yet simple to execute. The software uses deep domain knowledge and machine learning technologies to accomplish this goal. These processes work more quickly and efficiently than the manual efforts of staff members.
5. Justt uses moderate technologies
Justt is a tech company but surprisingly, the number of technologies used to power its website is not that much. The Justt website actively uses 33 technologies to ensure that visitors enjoy a smooth and seamless experience when visiting and interacting with the website. These technologies are distributed across twelve technology products and services. Some of these products and services include iPhone Mobile Compatible, Google Font API, Viewport Meta, WordPress, Google Workspace, and several others.
6. Web traffic is low
The analytics for the Justt website shows that the number of monthly visits to the site is low. Over the past thirty days, only 63 visitors checked out the website. This number represents a decline in the number of monthly visits by 66.97 percent. Of the millions of websites registered on the world wide web, Justt is ranked as number 5,914,542, which is fairly low on the list. The website has the most visitors from the country of France. Sixty-nine percent of the web traffic is from this country. Thirty-one percent of the visitors are from Israel, where the headquarters of Justt is located.
7. Justt is a venture capital-funded enterprise
Justt hs participated in two rounds of venture capital fundraising. The most recent round of Series B funding closed on November 16, 2021. The total amount of funds raised for Justt so far is $73.3 million. Justt has attracted the interest and assistance of seven investors. Investors for Justt include F2 Ventures, Oak HC/FT, David Marcus, Jacqueline Reses, Zeev Ventures, Gokul Rajaram, and Promentum Equity Partners.
8. Justt is a privately held organization
According to its LinkedIn page, Justt's owners have opted not to take their company public at this time. It is still a fairly new startup that has not been in business for long. It is a privately-owned enterprise, supported by its investors who support growth and development with their financial assistance. This is why you will not find any offerings of Justt Stock for purchase, trade, or sale on the public stock exchanges. Justt is not open to the public for investments. It's not uncommon for a company so new to maintain a privately held status, but that might change in the months and years to come. So far we've seen no indication of the owners filing for n IPO any time soon.
9. Justt is an Israeli business
Justt was founded in the country of Israel. The enterprise is headquartered in Tel Aviv. The LinkedIn website shows that for now there is only one location for the business. We looked for any satellite or affiliate offices but they've not yet expanded the operations beyond that of the original headquarters. So far, Justt employs a total of 108 staff members within its organization.
10. Justt is currently hiring
It's no surprise to learn that Justt has recently posted multiple openings within its company. The new jobs come after the closing of a fundraising round that brought in over $70 million in investor funding for the growth and expansion of the operation. As of November 18, 2021, there was a total of 15 new jobs listed at Justt. Some of them are for hybrid-based work that is a combination of remote and office location positions. All of the jobs are for workers that live in the Tel Aviv area. The fifteen jobs represent a growth rate for the company of more than ten percent of its current workforce.
11. Justt protects clients from fraud
According to Venture Beat, Justt does more than relieving the burden of work from processing credit card disputes. It helps to catch criminals in their track, and stop them from making fraudulent chargebacks against the companies. This is a major problem that happens when shoppers dispute charges to their debit or credit cards to obtain a refund for the purchases. it is estimated that more than $135 billion in revenue losses result from this type of fraud, and businesses now have a defense tool to prevent it from happening with Justt.
12. Justt plans to expand
We also learned that Justt has plans to expand its operations to become a global provider. They plan to expand into the United States and throughout Europe with their upcoming marketing campaigns. They plan to use proceeds from the most recent round of fundraising from investors to triple the current size of Justt research and development team in Tel Aviv.
13. Justt uses complex and advanced technology
The products and services provided by Justt include some of the most recent developments in artificial intelligence and machine learning. The research and development team continues to use these technologies as a base to further expand the capabilities of the software solutions offered to their clients. Although this kind of research is expensive, they're fortunate to have the support and financial backing of several wealthy venture capital investment firms as well wealthy individuals.
14. The pandemic has created an increased demand for Justt's services
The Covid-19 pandemic has taken a toll on many companies, forcing new startups to close their doors forever. This has not been the case for Justt. It is just the opposite. More people are working remotely and staying at home, or are receiving government funds. The number of online shoppers has increased, which means that there is also a big jump in the number of credit card purchases. Along with increased credit card activity comes more fraudulent chargebacks. The increase in credit card activity because of the pandemic has made the solutions that Justt offers necessary and in high demand, especially within the e-commerce community of vendors.
15. Justt's platform is easy to use
The solutions provided by Justt are easy to use. They integrate with the payment systems that are already being used by each merchant, for seamless protection from illegitimate chargeback claims. The advanced technology of these intelligent systems makes it possible for them to identify any abnormalities and suspicions of fraud.
16. Roenen Ben-Ami is former military
Each of the co-founders of Justt brings with them impressive credentials and experience. According to his LinkedIn profile page, Roenen Ben-Ami is former military intelligence personnel. He achieved the rank of Captain in the Israel Defense Forces Military Intelligence division. He began the post in September of 2007, performing his duties until May of 2016. Before that, he earned his bachelor of arts degree in psychology from the University of Illinois Urbana-Champaign. He went on to work at Ramat Gan Area, Israel for a company called Simplex .com, serving in two jobs. First, he was a fraud analyst, then a risk analyst. This helped to prepare him for entry into his own company that provides the same or similar services. He spent just over a year performing these functions after leading military intelligence work.
17. Ofir Tahor is a co-founder at Justt
The second member of the founding team at Justt is Ofir Tahor. He is a serial entrepreneur who brings years of experience in launching new startups and helping them to grow and prosper. He has a knack for technology, earning his master's of science degree in computer science. He started as a coffee Barista, saving his money to earn enough to make his first real estate investment. He flipped properties and earned enough to make other types of investments which ultimately led to the founding of several tech companies. He has a passion and talent for taking on difficult challenges in the technology arena. He enjoys solving mysteries and providing solutions for his customers. This is what makes him such a dynamic leader and business owner.
18. Justt is automated
According to TechCrunch, the leadership at Justt shared that its solutions for detecting chargeback fraud are automated. It's a pre-programmed software suite that does not require any human intervention to go through the data in the system to detect anomalies or departures in credit card chargeback claims that signal the possibility of fraud. In a world where convenience is valued and automation saves man-hours, it's a great resource for e-commerce companies to access.
19. Justt changed its name
When you're researching about Justt, it's essential to know that the company changed its name AcroCharge. This title is still the legally registered name of the enterprise. If you come across information for AcroCharge, you are safe in assuming that it is the same company.
20. Justt is playing its cards close to the vest
So far, Justt is not releasing much information about its valuation. It's assumed that the current valuation has increased substantially in the wake of its most recent round of Series B fundraising. The company has declined to answer questions about its valuation. It is a new company and there may be concerns about disclosure by the investors. This is not uncommon. For now, the valuation of Justt is unknown, we'll have to wait to hear more about that. It will be interesting to hear more updates from Justt as they move into the United States and Europe to enhance its presence in these areas. Justt is a startup that bears keeping your eye on, as Justt has the potential to become a leader in its sector of the Fintech industry. It has all the hallmarks of rising to the challenges of internet fraud through credit cards and supplying e-commerce vendors with protection from loss.
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Written by Allen Lee
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