Cambridge-based Featurespace protects consumers against fraudalent or risky activity without disrupting payments, using adaptive behavioural analytics for fraud detection and risk management in gaming, banking, and insurance sectors.
The startup has now raised €30 million in a funding round led by Insight Venture Partners and MissionOG, with participation from existing investors including IP Group plc, Highland Europe, TTV Capital, Robert Sansom, and Invoke Capital.
The funding will be used to support Featurespace’s international expansion, the development of the company’s software capabilities, and the distribution of Featurespace’s real-time ARIC platform, which uses machine learning to detect suble anomalies in behaviour for fraud and risk management accurately and efficiently.
Founded in 2008, the startup has substantially grown its customer base in recent years, and now works with 17 banks worldwide to prevent fraud.
“We have made tremendous progress over the last 15 months since our last fundraising – and this fund raise is the largest to date,” commented Martina King, Featurespace CEO. “The additional funds will enable us to continue rapidly growing the business internationally by focusing on our products, our people and our customers.
“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. Equally important, we have become the technology partner of choice to a number of payment processors and merchant acquirers that have embedded our real-time fraud prevention technology in their anti-fraud solutions.
“Martina King, David Excell and team have built a dynamic culture that has led to a well-defined and successful market focus,” added Gene Lockhart, Chairman and Managing Partner at MissionOG. “Their efforts are evidenced by strong sales momentum with notable clients in various segments, including multinational banks, payments companies, issuer processor and merchant acquirers.