In a round led by an undisclosed investor, real-time, AI-enabled risk and fraud management platform Feedzai has raised $50 million in Series C funding. The financing, which takes Feedzai’s total capital to $82 million, also featured participation from existing investor Sapphire Ventures.
“We’ve made major headway on our vision in the last year, and this new round of funding will help us accelerate our growth as we continue to invest in the top people, as well as the most advanced data science and machine learning technology, to make banking and commerce safe across the globe,” Feedzai CEO and co-founder Nuno Sebastiao said. The company plans to grow its workforce to 300 by the end of 2017, and highlighted the hiring of former Box SVP Jim Priestly as its new Chief Revenue Officer as an example of the kind of year Feedzai has enjoyed.
Headquartered in San Mateo, California, Feedzai demonstrated its Feedzai Fraud Prevention platform at FinovateEurope 2014. The company leverages artificial intelligence, big data, and machine learning to provide fraud prevention solutions for banks, payment providers, and merchants. Securing online account opening, payments, and e-commerce are among the ways that Feedzai’s omnichannel fraud prevention solutions have been deployed since the company’s founding in 2008. “Feedzai’s proprietary platform puts the power back in the hands of merchants, issuers, and payment networks to manage risk while improving topline revenue,” Sapphire Ventures partner Anders Ranum said.
This summer Israel-based consumer credit card service provider Leumi Card announced that it would use Feedzai’s platform to detect and fight fraud. A member of Planet Compliance’s RegTech 100, Feedzai partnered with Co-op Financial Services in March and teamed up with the Merchant Risk Council (MRC) in February. We featured Feedzai in our January look at AI in fintech, A Fintech Filter for Artificial Intelligence in 2017.