Featurespace Limited, a Cambridge, UK-based provider of a machine-learning driven fraud prevention solution, raised £16.5m in funding.
The round was led by Highland Europe, with participation from Invoke Capital, existing investors Touchstone Innovations plc, NESTA, TTV Capital, Robert Sansom, and global payments company Worldpay. Alongside committing investment, Worldpay has formed a commercial partnership with the company to help further accelerate the development of fraud prevention services for its own merchant customers. As part of the agreement, Worldpay will licence Featurespace’s advanced behavioural analytics technology for a number of key use cases, including risk management and fraud prevention for merchants.
The funds will be used to support the company’s international expansion and continued development of itsits software capabilities.
Led by Martina King, CEO, Featurespace Featurespace is an Adaptive Behavioural Analytics company that is addressing the fraud detection and prevention market, which, according to MarketsandMarkets, was worth $14.23bn in September 2017 and is growing at 20% per annum.
Its ARIC™ platform is a real-time, machine learning software system that monitors individual behaviours and detects anomalies to identify risk and catch new fraud attacks as they happen.
Developed out of the University of Cambridge, the company serves financial services and gaming organizations that have services or products deployed in over 180 countries. Customers include TSYS®, Playtech, Betfair, Vocalink Zapp, CashFlows, Camelot and William Hill.