Riskified’s merchant map: who pays for fraud protection and why it matters to investors

Riskified (RSKD) sells machine‑learning fraud prevention and risk-intelligence services to eCommerce merchants and payments partners, monetizing through platform contracts that combine recurring fees and performance‑linked economics. The company drives growth by landing enterprise merchants and then upselling expanded services, which the Q4 2025 commentary identified as a key driver of client expansion and approval‑rate gains. For investors, the revenue mix and client roster determine contract stickiness, upside from product penetration, and exposure to concentration risk.
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Why the merchant roster matters for Riskified's business model

Riskified’s public disclosures show a mid‑sized SaaS‑scale business with meaningful gross margins but negative net income: Revenue TTM $344.6M, gross profit $178.4M, market cap ~$717M, and diluted EPS -$0.18. Those figures align with a model where product penetration and enterprise upsells materially affect near‑term revenue growth and longer‑term margin progression. The Q4 2025 earnings call highlighted a list of newly onboarded enterprise names and confirmed upsells across established customers during 2025, which is consistent with a contracting posture focused on enterprise engagements and expansion revenue rather than one‑off, low‑touch deployments.

• Contracting posture: Enterprise and partner deals with staged rollouts and upsells.
• Concentration: Presence of large brands increases account-level importance and helps explain volatility if a handful of clients dominate ARR.
• Criticality: For merchants, fraud prevention is a high‑impact, mission‑critical service (approval rates and fraud loss reduction), implying stickier renewals when integrated deeply.
• Maturity: Riskified has reached scale with recognizable merchant names but remains unprofitable on the P&L, highlighting a growth‑at‑scale posture where product penetration determines margin inflection.

The customer list — who’s on the platform and where the revenue optionality is

Below I cover every relationship disclosed in the available results. Each entry is a concise, investor‑oriented summary with the source cited.

• Temu — Riskified reported Temu among several new enterprise onboardings in its Q4 2025 earnings call, illustrating traction with large cross‑border marketplaces. — Riskified Q4 2025 earnings call (reported Mar 2026).

• Zepz — Zepz was listed as a customer that Riskified successfully upsold in 2025, a sign that product expansion is translating into higher spend from existing merchants. — Riskified Q4 2025 earnings call (Mar 2026).

• Adastria — Adastria was named among recent wins across geographies, indicating Riskified’s retail penetration in Asia-Pacific apparel and lifestyle verticals. — Riskified Q4 2025 earnings call (Mar 2026).

• Aerolineas Argentinas — Cited as a newly onboarded merchant, Aerolineas Argentinasexposure points to travel vertical adoption and international expansion. — Riskified Q4 2025 earnings call (Mar 2026).

• XTool — XTool appears on the list of recent onboardings, reflecting the platform’s reach into smaller or specialized eCommerce merchants as well as enterprise names. — Riskified Q4 2025 earnings call (Mar 2026).

• Viva Aerobus — Identified among customers that were upsold in 2025, reinforcing choice among travel merchants for expanded fraud‑prevention services. — Riskified Q4 2025 earnings call (Mar 2026).

• Iberia Airlines — Iberia is reported as an upsold merchant in 2025, again underscoring focus on travel and ticketing where chargeback and approval economics are material. — Riskified Q4 2025 earnings call (Mar 2026).

• Meta — Meta (ticker META) was explicitly noted as a merchant that was upsold in 2025, highlighting engagement with very large, digital‑native merchants. — Riskified Q4 2025 earnings call (Mar 2026).

• META — The duplicate mention of META in the same transcript emphasizes that Riskified flagged Meta’s upsell as a notable account event during 2025. — Riskified Q4 2025 earnings call (Mar 2026).

• NetEase — NetEase was included in Riskified’s list of newly onboarded clients, indicating footprint in gaming and digital goods. — Riskified Q4 2025 earnings call (Mar 2026).

• Nintendo — Named among new clients, Nintendo points to acceptance by major global merchants in the entertainment and gaming vertical. — Riskified Q4 2025 earnings call (Mar 2026).

• TripAdvisor — TripAdvisor was listed as a new onboarding, reinforcing travel‑vertical traction for Riskified’s solutions. — Riskified Q4 2025 earnings call (Mar 2026).

• Wayfair — Wayfair is referenced in third‑party coverage as one of Riskified’s merchants, suggesting presence among large home‑goods retailers. — Sahm Capital write‑up on Riskified (May 2026).

• Axerve — Riskified has an extended strategic partnership with Axerve to offer Riskified’s solutions to Axerve’s merchant base, representing a channel partnership that broadens distribution. — Financial IT report on Riskified‑Axerve partnership (FY2022).

• KIKO Milano — KIKO Milano, via Axerve integration, reported strong outcomes from Riskified‑powered PSD2 Optimize (high SCA exemptions and approval gains), demonstrating tangible product impact in payments optimization. — Financial IT coverage of Axerve/KIKO (FY2022).

• Bilheteria Digital — Mentioned as part of Riskified’s merchant network in a MarketScreener release about a Reserhub deal, indicating regional ticketing clients in LatAm. — MarketScreener press release on Reserhub partnership (Mar 2026).

• RedBus — RedBus appears in the same MarketScreener announcement, highlighting Riskified’s presence with high‑volume transport/ticketing merchants. — MarketScreener press release (Mar 2026).

• Reserhub — Reserhub selected Riskified as a strategic partner for eCommerce fraud protection, demonstrating the company’s channel to travel/ticketing platforms; this was reported multiple times across releases (see both Mar 2026 and earlier mentions). — MarketScreener press releases (FY2026 and FY2025).

• Macy’s — Macy’s is listed in third‑party coverage among Riskified merchants, underlining penetration into large U.S. department store retail. — Sahm Capital write‑up on Riskified (May 2026).

• SHEIN — SHEIN is cited in external commentary as a merchant using Riskified, pointing to exposure to fast‑fashion marketplaces with high transaction volumes. — Sahm Capital commentary (May 2026).

• Lastminute.com — Lastminute.com is included in merchant lists in analyst commentary, showing breadth in online travel agency relationships. — Sahm Capital coverage (May 2026).

• Vivid Seats — Vivid Seats was mentioned as an upsold merchant in 2025, a data point supporting growth via account expansion in ticketing and resale. — Riskified Q4 2025 earnings call (Mar 2026).

• ACEHF — ACEHF (Ace Hardware’s issuer reference) was listed among new onboardings, indicating Riskified’s reach into home‑improvement retail channels. — Riskified Q4 2025 earnings call (Mar 2026).

• Aurus, Inc. — Aurus partnered with Riskified to embed its risk management into AurusPay merchant offerings, signaling a fintech distribution route. — BusinessWire / FinancialContent report on Aurus partnership (Aug 2022).

• Ace Hardware — Ace Hardware appears separately in the earnings call as a newly onboarded merchant, reinforcing retail category depth. — Riskified Q4 2025 earnings call (Mar 2026).

• Fast Retailing — Fast Retailing was identified among merchants that were upsold in 2025, confirming engagement with global retail chains. — Riskified Q4 2025 earnings call (Mar 2026).

• David's Bridal — David’s Bridal was named as a new onboarding, a sign of vertical breadth into specialty retail. — Riskified Q4 2025 earnings call (Mar 2026).

• AVHOQ — AVHOQ shows up tied to press coverage that lists Avianca as a merchant, reflecting Riskified’s airline customers in Latin America. — MarketScreener press release listing (Mar 2026).

• Avianca — Avianca was explicitly named in the Reserhub/press coverage, further confirming travel industry adoption in LatAm. — MarketScreener announcement (Mar 2026).

Investment implications and key risks

Riskified’s roster demonstrates enterprise footprint, diversified verticals (retail, travel, marketplaces, ticketing), and multiple channel partnerships, all of which support its expansion and upsell strategy. Given the company’s TTM revenue ($344.6M) and ongoing negative EPS, margin improvement depends on scaling expansion bookings and maintaining high win/upsell velocity.

Key investor considerations:

• Upsell dynamics are central — the company highlighted 2025 upsells as a growth engine, so monitoring expansion ARR is critical.
• Customer concentration risk — large merchants (for example Meta, Wayfair, Macy’s, SHEIN) imply material exposure at account level.
• Channel partnerships (Axerve, Aurus) improve distribution but add complexity to contracting and share of wallet.

For a consolidated view of Riskified’s customer signals and how they map to revenue exposure, see additional research at https://nullexposure.com/.

Bold account wins and documented upsell activity position Riskified for continued top‑line leverage, but investors must track renewal and expansion metrics to confirm margin inflection.