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Searchspace raises $15m

05 February 2004  |  3972 views  |  0 Searchspace raises $15m

Searchspace, a provider of fraud detection and anti-money laundering software, has raised $15m in a funding round led by venture capital firm 3i and including Montagu Private Equity.

Searchspace says the $15m will be used to drive growth in key European and North American financial markets.

Founded in 1993, the company supplies risk montitoring systems that detect fraudulent and money laundering activity. Its clients include Barclays, The Bank of New York, The Royal Bank of Scotland, UBS, Wells Fargo and the London Stock Exchange.

Jason Kingdon, CEO, Searchspace Group, says: "The raising of this additional funding will allow us to accelerate both our product development programme and our expansion in the global financial services market."

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