Above-target growth and a pair of C-suite appointments characterize the first half of 2020 for risk management platform Feedzai. The company announced this morning that it has recorded H1 growth of 44% and negotiated “multiple multi-year enterprise contracts” during the initial period of the COVID-19 pandemic and related market uncertainty. This, along with new leadership in the CFO and CMO roles, enabled the company to have what co-founder and CEO Nuno Sebastiao described “one of the best quarters ever” despite the pandemic.
“This simultaneously shows that our technology is mission-critical, and our business is crisis resilient,” Sebastiao continued. “I’m confident that our next phase of growth will benefit from market conditions in which digital transformation will play a larger than ever role, and from a set of strategic decisions we’ve made in the last 9 months.”
SafetyPay, Credorax, and PayU are among the companies that have teamed up with the San Francisco, California-based risk management platform this year. And joining Feedzai’s executive ranks are Amaury Dauge, former Euronext CFO, who will take over as the company’s new Chief Financial Officer, and Varun Kohli, who has been appointed Chief Marketing Officer.
Founded in 2008 and a Finovate alum for six years, Feedzai leverages artificial intelligence and advanced machine learning to analyze 30 million transactions valued at $5 billion every day. The company’s technology is used by 10 of the world’s largest 25 banks, and has been recognized as “Best in Class” by Aite Group.
Financial crime has taken on new significance during the global health crisis. With more individuals working remotely, and more companies accessing new channels and agents in search of financial assistance, there has been a significant rise in the number of ways criminals can take advantage of the uncertainty of the current environment. Feedzai, in its statement, highlighted mule accounts, phishing attacks, and employer fraud, among the top three types of financial crime that have increased during the pandemic.
“Fraudsters thrive on periods of confusion and chaos,” Aite Group Research Director Julie Convoy said, “and this pandemic represents fertile breeding ground.”