Featurespace plots expansion with $32 million investment
Featurespace wants to expand its fraud-fighting tool beyond its core audience of banks and payment processors to cover transactions across a broader industry spectrum including retail, gaming and insurance.
The U.K.-based company this week announced it’s won $32.3 million in additional venture capital, bringing total funding to more than $70 million since its launch in 2008.
With the influx of funds, Featurespace aims to reinforce personnel and technology at the U.S. based it opened in Atlanta in 2017, and invest in additional products for new international business clients.
Featurespace’s tools harness artificial intelligence and machine learning to spot constantly evolving fraud threats, that banks apply directly and processors are incorporating into their services. Featurespace reports 17 banks in the U.K., U.S. and Latin America are using its fraud-detection platform.
A key partnership with TSYS beginning in 2016 has been a cornerstone for the Featurespace’s growth in the U.S., said Dave Excell, Featurespace’s co-founder and chief technology officer, in an email.
“We’re still very much aligned with TSYS and we’re fortunate to work with a diverse set of clients and partners in various capacities, ranging from financial institutions, payment processors, merchant acquirers, issuers, gaming organizations and insurance companies,” Excell said.