Feedzai, the leader in using artificial intelligence (AI) to empower enterprises to manage risk and fight fraud in real-time, announced today that it has closed $50 million in new funding including a Series C round from an undisclosed investor, in addition to funding from existing investor Sapphire Ventures.
Leading financial institutions that back Feedzai technology include Citi, Capital One, First Data, and other global brands.
"Our vision is to serve all of the leading banks and merchants that drive the majority of money movement worldwide," said Nuno Sebastiao, Feedzai CEO and co-founder. "We’ve made major headway on our vision in the last year, and this new round of funding will help us accelerate our growth as we continue to invest in the top people, as well as the most advanced data science and machine learning technology, to make banking and commerce safe across the globe."
Feedzai’s machine learning technology and its omnichannel fraud prevention solutions serve customers that transact in virtually every country in the world, for numerous use cases for leading banks and merchants. Feedzai is on track to more than double its headcount this year from where it was at the end of 2016, planning to reach 300 employees by the end of 2017. The company has added key sales leaders worldwide, including hiring former Box SVP Jim Priestley as Chief Revenue Officer.
“Fraud is and will continue to be a critical issue as more business is transacted digitally,” said Anders Ranum, venture partner, Sapphire Ventures. “Feedzai’s proprietary platform puts the power back in the hands of merchants, issuers and payment networks to manage risk while improving topline revenue. We’re excited to continue supporting Feedzai to help them grow further.”
This new funding brings the total venture capital raised to $82 million from nine major investors also including Oak HC/FT, Capital One Growth Ventures, Citi Ventures, and others.
Contributed | what does this mean?