Cambridge fraud prevention specialist Featurespace raises £30m to continue international expansion
Featurespace has raised £30million to continue its growth in the UK and abroad.
The Cambridge company, which uses real-time machine learning to stop fraud, attracted Merian Chrysalis Investment Company as lead investor in the round.
A number of existing investors also participated.
CEO Martina King said: “During these challenging times, our machine learning models have automatically adapted to the shift in consumer, business and criminal behavior. It is our continued focus to deliver industry-leading, fraud and anti-money laundering solutions to our customers and partners.
“We are grateful to our existing investors for continuing to invest in our growth and we are delighted to welcome Merian Chrysalis to our investment community.”
Featurespace, which now has its headquarters on Cambridge Science Park, is growing in the UK, Europe, the US, Singapore and Australia.
Its Adaptive Behavioral Analytics software spots anomalies in financial transactions to identify risk and prevent fraud and money laundering in real-time.
Originally adopted by Betfair, after spinning out of the University of Cambridge’s Department of Engineering in 2008, its technology is now used in more than 180 countries.
Other gaming companies have adopted its ARIC platform to protect their business and customers, along with more than 30 major global financial institutions, including four of the five largest banks in the UK.
Publicly announced clients include HSBC, TSYS, Worldpay, RBS NatWest Group, Contis, Danske Bank, ClearBank and Permanent TSB.
Richard Watts, portfolio manager at Merian Chrysalis, said: “Featurespace has developed truly innovative technology and provides financial institutions with a world-class solution in the fast-growing fraud detection and prevention market. 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.”
The company closed a £25million funding round in February 2019.
More by this authorPaul Brackley