UK-based startup that helps banks prevent fraud just scored €30M funding

Featurespace is a leading anti-fraud and risk management company. This Cambridge-based firm protects consumers against fraud and risk without disrupting payments. It uses adaptive behavioural analytics for risk management and fraud detection in the banking, gaming and insurance sectors.

In a recent development, this startup raised €30 million funding from Insight Venture Partners and MissionOG and existing investors such as IP Group plc, Highland Europe, TTV Capital, Robert Sansom, and Invoke Capital. Featurespace was established by a Cambridge University Professor Bill Fitzgerald and one of his PhD students, Dave Excell in 2008.

Aims to expand globally

The funding raised by the startup will be used for its international expansion, distribution of its real-time ARIC platform that uses machine learning and development of its software capabilities. The ARIC platform will use machine learning to detect anomalies in the behaviour for risk and fraud management efficiently and accurately.

With machine learning, it lets computers understand when the individual customer behaviour is not as usual and evaluate risk automatically.

Helps numerous banks prevent fraud

The ARIC platform of Featurespace is live and has been deployed in some of the largest banks, payment processors, insurance companies, merchant acquirers and gaming organisations in the world including US, UK and Latin America.

Regarding this funding round, Martina King, Featurespace CEO said, “We have made tremendous progress over the last 15 months since our last fundraising – and 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.”

Gene Lockhart, Chairman and Managing Partner at MissionOG said, “Martina King, David Excell and team have built a dynamic culture that has led to a well-defined and successful market focus. Their efforts are evidenced by strong sales momentum with notable clients in various segments, including multinational banks, payments companies, issuer processor and merchant acquirers.”

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