Paytech firm ai Corporation secures $2.5m funding
UK-based the ai Corporation has secured $2.5 million investment from its principal existing shareholders, to support its next stage of growth.
The firm is reporting growth of more than 36% year-on-year, thanks to recent investments in services delivery and product development.
It offers a suite of payment and fraud prevention solutions, including machine learning risk management tools, around the globe with new contracts signed in EU, US, Australia and Africa.
“Our approach of simply stopping fraud and simply managing omni-channel payments, keeps us in the vanguard of the machine learning and artificial intelligence (AI) market,” says Dr Mark Goldspink.
The firms, through its services, aims to offer payments protection for merchants, banks and consumer cardholders, while monitoring over 25 billion transactions and authorisations each year.
Goldspink explains that, over the past four years, the firm has moved from being a product only business to a service-based business.
“ai’s cloud-based payment landscape and European money licence mean we can provide a wider range of payment facilitator services for our business partners, allowing them to rapidly launch new alternative payment types into the market place,” Goldspink adds.