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Featurespace raises £30 million to fight financial crime

Featurespace raises £30 million to fight financial crime

Financial fraud fighting outfit Featurespace has raised £30 million from a funding round led by Merian Chrysalis Investment and supported by existing investors.

The company's software learns the 'normal' digital behaviour of each entity at every interaction with a business, spotting anomalies that indicate fraudulent behaviour or money-laundering risks.

Featurespace's Aric Risk Hub is used by more than 30 major global financial institutions, including four of the five largest banks in the UK.

Martina King, CEO, Featurespace, comments: "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."

She says the new capital injection will be used to further the company's growth in the UK, the US, Singapore, Europe and Australia.

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