A year after its latest funding round, Featurespace has bagged another £30m to expand its offerings.
The Cambridge-based company is a provider of adaptive behavioural analytics software for enterprise financial crime prevention, something that has become particularly important in the days of the coronavirus when bad actors have launched cyber attacks, infected companies with ransomware and instigated other forms of fraud. The international Financial Action Task Force (FATF) is just one of the many organisations to have warned about the growing threat in recent months.
“During these challenging times, our machine learning models have automatically adapted to the shift in consumer, business and criminal behaviour,” said Martina King (pictured), CEO of Featurespace. “It is our continued focus to deliver industry-leading, fraud and anti-money laundering solutions to our customers and partners.”
Merian Chrysalis Investment Company Limited led the round that also saw participation from several of the RegTech’s existing backers. Merian Chrysalis was one of the backers behind Swedish buy now, pay later unicorn Klarna’s massive $460m round last summer.
“Featurespace has developed truly innovative technology and provides financial institutions with a world-class solution in the fast-growing fraud detection and prevention market,” said Richard Watts, portfolio manager at Merian Chrysalis. “We are delighted to announce this fantastic addition to the Merian Chrysalis portfolio and we look forward to supporting the Featurespace team as they continue to grow and develop the business.”
Featurespace’s most recent investment was a £25m round raised in January 2019. Since then, the UK-based business has worked hard to expand its business, including signing several partnerships with companies like HSBC and Enfuce.
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