Feedzai, a data science company that makes banking and commerce safe by using real-time, machine-based learning to analyze big data to detect and prevent fraud, today announced it has raised a $17.5 million Series B financing round. Oak HC/FT led the financing, along with existing investors, Sapphire Ventures (formerly SAP Ventures) and Espirito Santo Ventures.
The new financing will expand sales and engineering teams to help meet customer demand for the company's software platform. In addition, Oak HC/FT's General Partner, Patricia Kemp, and Venture Partner Jonathan Weiner, co-founder of Money20/20 and former Head of Global Business Development for Google Wallet and Payments, will join Feedzai in board of director roles.
"Fraud detection and prevention is an important investment opportunity in the U.S. and Europe," said Patricia Kemp. "Feedzai's capabilities in big data science and machine learning, combined with its strong management team, have enabled the company to create a powerful portfolio of fraud-prevention solutions for the world's largest banks, retailers and payment providers."
In the last year, Feedzai made rapid advancements, secured new customers across the globe, and analyzed more than 18 billion transactions—equivalent to more than $760 billion in payment volume. The company's fraud detection service API for developers handled over 300 percent more transactions in late 2014, demonstrating the resilience and demand for Feedzai's solutions.
"Oak HC/FT has an exceptional track record of backing success stories in FinTech. We're ecstatic that they have chosen to validate and invest in our momentum," said Nuno Sebastiao, Feedzai's CEO. "Patricia and Jonathan's expert guidance will help us drive continued growth, especially in our customer base through non-traditional entrants like mobile, social and search companies that are increasingly handling financial services and transactions."
Feedzai makes it easy for businesses to transform their management of risk and fraud into a real-time decision science. By making big data science easily accessible and available to people from all parts of a company, Feedzai unlocks the hidden value in the data to drive revenue growth.
Feedzai's customers together amass total processed volume of more than 100 billion transactions globally. Select customers include First Data, Celfocus, Coca-Cola, Logica, Vodafone, Ericsson, and Servebase Credit Card Solutions.
Financial Technology Partners provided strategic and financial advisory services to Feedzai on the financing round.