Anti-fraud firm Featurespace gets £25m funding
Featurespace, an anti-fraud and risk management firm, has raised £25 million from a funding round led by US-based venture capital firms Insight Venture Partners and MissionOG.
The round also included further funding from existing investors IP Group, Highland Europe, TTV Capital, Robert Sansom and Invoke Capital.
The funding will be used to support Featurespace’s international expansion and development of the company’s software capabilities.
“This fund raise is the largest to date. The additional funds will enable us to continue rapidly growing the business internationally by focusing on our products, our people and our customers,” says Martina King, Featurespace CEO.
The investment will also support the distribution of Featurespace’s ARIC platform, which uses adaptive behavioural analytics to detect anomalies in individual behaviour for fraud and risk management.
“We have significantly strengthened our senior management team and operational infrastructure, and opened an office in Atlanta, Georgia,” King adds. “We have also grown our financial services customer base and now are working with 17 banks across continental Europe, the UK, US and Latin America.”
Recently, Everis, a business consultancy, selected the ARIC platform to help banks combat payments and account fraud.