Featurespace, an adaptive behavioural analytics developer for fraud detection and risk management, has bagged £25m in funding.
The capital injection was led by global private equity and venture capital firm Insight Venture Partners and MissionOG, a fellow US-based venture firm.
Other contributions came from existing backers including IP Group, Highland Europe, TTV Capital, Robert Sansom and Invoke Capital.
The company’s real-time ARIC uses adaptive behavioural analytics to identify any anomalies in behaviour for risk and fraud management. Using machine learning technology, Featurespace ARIC is able to build individual statistical profiles for an enterprises’ customers. It then monitors this information in real-time and is able to detect and notify of any anomalies in behaviour.
Through this equity deployment, the RegTech will look to boost its international expansion efforts and further the development of its capabilities. In addition to this, the company will look to support the distribution of its ARIC platform.
Prior to this round, the company raised $9m in 2016 from backers including TTV Capital, Imperial Innovations, Nesta, Cambridge Angels and Cambridge Capital. Since then, the company has witnessed strong growth, it claims.
Featurespace CEO Martina King said, “Working very closely with our customers, we have developed a market-leading product to meet their fraud detection and prevention requirements. We have also significantly strengthened our senior management team and operational infrastructure, and opened an office in Atlanta, Georgia.
“We have also grown our financial services customer base and now are working with 17 banks across continental Europe, the UK, US and Latin America. Equally important, we have become the technology partner of choice to a number of payment processors and merchant acquirers that have embedded our real-time fraud prevention technology in their anti-fraud solutions.”
This funding comes just weeks after Featurespace formed a deal with everis to help combat payment and account fraud. The deal sees everis deploy Featurespace’s ARIC platform to banks across 16 countries.
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