Fraud prevention startup Featurespace raises $9 million
31 May 2016 | 6184 views | 0
Featurespace — a global leader in machine learning fraud prevention using Adaptive Behavioural Analytics, has raised $9 million (£6.2 million) from a funding round led by TTV Capital — the leading US-based early stage financial services technology venture capital firm.
The round also includes participation from existing investors, including Imperial Innovations Group plc, Nesta, Cambridge Angels and Cambridge Capital Group.
The additional round will enable Featurespace to continue to establish itself as a global provider of machine learning fraud protection to the financial services and gaming sectors. The Company’s clients already include Vocalink/Zapp and CallCredit in financial services, and Betfair, William Hill and Camelot.
Earlier this month, leading US-based global payments company TSYS® (NYSE:TSS), announced its collaboration with Featurespace to provide enhanced real-time fraud detection capabilities to TSYS’ customers. TSYS is the largest third-party processor of Visa® and MasterCard® credit cards in the U.S.
Featurespace is transforming the way that financial services organisations manage card fraud across the financial transaction lifecycle. The machine learning ARIC™ engine monitors individual behaviour to protect every customer, one at a time, from real-time fraud attacks.
Simultaneously, ARIC dramatically reduces the number of genuine customers whose purchases are incorrectly declined.
Martina King, CEO, Featurespace, commented,
“This new funding round is a huge endorsement of Featurespace’s rising success in financial services fraud management. We have developed the ARIC engine to catch new fraud attacks in real-time, while simultaneously increasing acceptance of genuine customer purchases.”
Gardiner Garrard, Managing Partner, TTV Capital:
“Millions of consumers are affected by credit and debit card fraud each year. Featurespace’s ARIC engine is significantly transforming and modernizing card fraud and risk management in the US payment industry, and worldwide, dramatically improving the customer experience. This funding round is the first time we’ve invested in a mainland UK company, and reflects our support of Featurespace’s transformative fraud detection capabilities.”
With this round of $9M, Featurespace has raised over $14M in funding since 2008 to fuel its rise as the premier provider of the smartest machine learning fraud prevention platform — the ARIC engine — to companies in financial services.