Finovate confirmed by email this morning that data science specialist Feedzai raised $17.5 million in new funding in a round led by Oak HC/FT. The capital takes Feedzai’s total to more than $22 million, and will help the company grow its engineering and sales talent to help meet demand for the company’s anti-fraud technology.
Participating along with Oak HC/FT in the Series B financing round were existing investors Espirito Santo Ventures and Sapphire Ventures (formerly SAP Ventures). Oak HC/FT will send two of its own, General Partner Patricia Kemp and Venture Partner Jonathan Weiner, to serve on Feedzai’s board of directors.
Kemp highlighted Feedzai’s big data science and machine learning background as key to her firm’s decision to invest. Feedzai’s technology analyzed more than 18 billion transactions in 2014, equaling more than $760 billion in payment volume. The company’s Fraud Prevention API for developers handled transaction growth of more than 300% “in late 2014.”
Feedzai CEO Nuno Sebastiao presented Feedzai Fraud Prevention at FinovateEurope 2014 in London.
Feedzai is one of a growing number of innovators leveraging big data/data science and machine learning for corporate clients. And while the Feedzai’s Fraud Prevention Suite is the company’s signature technology, its platform provides actionable, real-time business insights that go beyond risk and fraud management to give institutions the ability to tap into the “hidden value in the data to drive revenue growth.” Covering transactions and data flows across channels, Feedzai includes enterprises as diverse as First Data, Coca-Cola, and Vodafone among its customers.
Founded in 2008 and headquartered in San Mateo, Calif., Feedzai demonstrated its Fraud Prevention Suite at FinovateEurope 2014 in London. Nuno Sebastiao is CEO