Called Oscilar, the startup offers an AI-powered platform that, within milliseconds, promises to make online transactions significantly safer for companies and consumers.

The firm is emerging from stealth after two years, having been self-funded by CEO Narkhede and CTO Kulkarni to the tune of $20 million.

They have also brought in Karthik Ramasamy, who has led machine learning and fraud teams at Google, Uber, and LinkedIn.

Says Narkhede: "Customers expect every online transaction to be instantaneous and safe, but existing technology puts businesses and customers at significant risk - and requires intense engineering support and overhead.

"Oscilar changes that. We’ve spent the past two years putting together a top-flight team of engineers and data scientists - creating a platform that uses AI to fully automate decisions about credit and fraud risk in milliseconds."