FINANCE: Laguna Beach-based billing company Revolv3 lands $4.5M

Laguna Beach-based Revolv3 closed a $4.5 million seed funding round led by Rosecliff Ventures and an unidentified angel investor.

The funds will help Revolv3 further build out its payment optimization platform that aims to increase profits for online retailers through recurring billing.

Revolv3, founded this year, analyzes data by bank card processors in real-time to grow merchant approval rates by as much as 14%, according to company officials.

It is led by Frank Arellano, who counts over 20 years in the subscription billing space. He was most recently vice president of business operations at Experian Consumer Services, based in Costa Mesa.