Feedzai lands $200 million in Series D funding to reach unicorn status
Cloud-based risk management firm Feedzai has raised $200 million in Series D funding to reach unicorn status.
Its new round was led by KKR and saw support from existing investors Sapphire Ventures and Citi Ventures. The Series B brings the firm’s total raised to $277 million.
The firm plans to use its new injection of cash to expand internationally and “boost its partner strategy”.
The risk management company claims to monitor more than 800 million customers across 190 countries for its clients.
Users of the Feedzai platform include Citibank, Santander, SoFi, and Standard Chartered. The vendor says it saw “significant growth” globally in 2020, as well as with its Feedzai Solutions platform.
Feedzai says its data shows in the last quarter of 2020 consumers faced a 650% increase in account takeover scams, a 600% in impersonation scams, and a 250% increase in online banking fraud. It believes a demand for more digital solutions is equating to an greater demand for secure ways to operate digitally.
“Consumers across the globe expect fast, reliable, seamless, and secure banking and payment experiences,” says Feedzai CEO Nuno Sebastiao.
“The world has faster digitisation requirements, and financial institutions need reliable solutions that thrive in this new digital environment.”
KKR is making the investment through its Next Generation Technology Growth Fund II, a fund dedicated to growth equity investment opportunities in the technology space.
“Feedzai offers a powerful solution to one of the biggest challenges we are facing today,” says KKR managing director Stephen Shanley.
“Global commerce depends on future-proof technologies capable of dealing with a rapidly evolving threat landscape.”