Fintech startup raises $200 million to fight digital banking fraud

Feedzai develops AI and machine learning tech for digital banking

Woman's hand on a smartphone showing a mobile banking app

Artificial intelligence (AI) and machine learning are the future. Meanwhile, cyber crime, money laundering and online financial fraud are becoming bigger problems by the day. To help combat these rising issues, fintech startup Feedzai has raised $200 million, pushing its value to over $1 billion.

Feedzai said it would use the money to expand its product range and speed up its global expansion. The money will also fund further research and development into artificial intelligence and machine learning and their potential to fight cyber crime.

“Feedzai was born to fight financial crime using advanced machine learning,” said company CEO and chairman Nuno Sebastiao. “We’re passionate about cutting-edge technology, artificial intelligence, and contributing to the end of human suffering caused by fraud and money laundering.”

Feedzai’s clients include major companies like Citigroup, Fiserv, Banco Santander, and SoFi. Feedzai says its customers include four of the five biggest banks in North America, 80% of Fortune 500 companies, and more than 150 million individual and business taxpayers in the US.

It’s no secret that cyber crime is rising. As the COVID-19 pandemic pushes more commerce online, the scale of digital payments and digital banking has boomed. This has caused banks and financial firms to look for state-of-the-art technology to prevent online crime.

Feedzai says its AI and machine learning systems are always “learning” from more data, making them continually more useful, versatile, and effective.

“When the challenges of the past year hit, we leaned on our ‘future-proof’ mantra, and it worked. We were ready for the rapid shift to a digital-first banking and commerce world,” Sebastiao said.

“This new investment delivers on our mission to keep commerce safe by further developing our single machine learning cloud platform for all four stages of the customer risk journey: prevention, detection, remediation, and compliance,” he added. “Focusing on the entirety of the risk life cycle allows us to partner with financial services in a radically new way at every step of the journey.”

Featured Resources

Next-generation time series: Forecasting for the real world, not the ideal world

Solve time series problems with AI

Free download

The future of productivity

Driving your business forward with Microsoft Office 365

Free download

How to plan for endpoint security against ever-evolving cyber threats

Safeguard your devices, data, and reputation

Free download

A quantitative comparison of UPS monitoring and servicing approaches across edge environments

Effective UPS fleet management

Free download

Recommended

Mobile order and Pay at Table
Whitepaper

Mobile order and Pay at Table

27 Oct 2021
Driving adoption of digital self-service
Whitepaper

Driving adoption of digital self-service

27 Oct 2021
Pay at table best practices
Whitepaper

Pay at table best practices

27 Oct 2021
BillQuick billing software exploit lets hackers deploy ransomware
Security

BillQuick billing software exploit lets hackers deploy ransomware

26 Oct 2021

Most Popular

UK spy agencies supercharge espionage efforts with AWS data deal
cloud computing

UK spy agencies supercharge espionage efforts with AWS data deal

26 Oct 2021
Best Linux distros 2021
operating systems

Best Linux distros 2021

11 Oct 2021
Cryptocurrency: Should you invest?
cryptocurrencies

Cryptocurrency: Should you invest?

27 Oct 2021