£30m funding to drive further growth at Featurespace
Posted on May 13, 2020 by Alistair Hardaker
Featurespace has secured £30m funding to drive further growth.
The Cambridge-headquartered firm, which also has bases in London and Atlanta, US, is a leading provider of adaptive behavioural analytics software for enterprise financial crime prevention.
More than 30 major global financial institutions are using Featurespace’s ARIC Risk Hub to protect their business and customers, including four of the five largest banks in the UK.
Customers include HSBC, TSYS, Worldpay, RBS NatWest Group, Contis, Danske Bank, ClearBank, Permanent TSB and Betfair.
The funding round was led by Merian Chrysalis and included participation from a number of existing investors including IP Group, Highland Europe, MissionOG, TTV Capital and Invoke Capital Partners.
Martina King, CEO at Featurespace, commented: “During these challenging times, our machine learning models have automatically adapted to the shift in consumer, business and criminal behavioir.
“It is our continued focus to deliver industry-leading, fraud and anti-money laundering solutions to our customers and partners.
“We are grateful to our existing investors for continuing to invest in our growth and we are delighted to welcome Merian Chrysalis to our investment community.”
ARIC Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time.
Richard Watts, Portfolio Manager, Merian Chrysalis, commented: “Featurespace has developed truly innovative technology and provides financial institutions with a world-class solution in the fast-growing fraud detection and prevention market.
“We are delighted to announce this fantastic addition to the Merian Chrysalis portfolio and we look forward to supporting the Featurespace team as they continue to grow and develop the business.”
Jon Edington, Partner, Technology, IP Group, said: “Featurespace continues to go from strength to strength, having expanded within financial services, and is working with a wide range of financial institutions across Europe and the US.
“Featurespace is a great example of a high growth technology asset that we have helped nurture over the last eight years. We are delighted to support the team with this fundraising which will help drive further international growth.”