Featurespace, a Cambridge-based developer of analytics software to help enterprise combat fraud, has raised £30 million in a funding round led by Merian Chrysalis Investment Company, with support from existing investors.
Founded in 2008, the fintech company invented ‘adaptive behavioral analytics,’ which learns the normal patterns of individuals so that any anomalies in behavior stand out. The technology is implemented in Featurespace’s ARIC Risk Hub platform, a machine learning software that scans events in 180 countries to detect and prevent financial crime. CEO Martina King claims that as the economy fluctuates and risks evolve, “our machine learning models have automatically adapted to the shift in consumer, business and criminal behavior.” The platform, which can be deployed on-premise or in the cloud, is used by over 30 global financial institutions, including HSBC, TSYS, Worldpay, RBS NatWest Group, Contis, and Danske Bank. The fresh funding will support continued growth.
Photo: CEO Martina King