Citi Ventures has made an undisclosed 'multi-million pound' investment in AI-based fraud detection company Feedzai.
The California-based company applies machine learning technology to large data sets to detect anomalies and highlight potential cases of fraud associated with banking and shopping. It claims its software can detect fraud as much as 10 days earlier than other solutions and exposes up to 60% more fraud cases with lower false alarms.
Last year, the company's technology was used to analyse $800 million in daily real-time purchases for its merchants, banks, and payment processing customers.
With this investment, Feedzai joins Citi Ventures’ existing portfolio of hot tech startups including Jet.com, Square, Appboy and Chef.
"As cyberattacks become increasingly sophisticated, investing in technologies that have the potential to advance security for our customers’ financial lives is a priority," says Ramneek Gupta, managing director and co-head of Venture Investing at Citi Ventures. "Our investment in Feedzai will help support the continued development of their unique machine learning platform, which provides the ability to identify new and emerging threats and protect bank customers at scale."