Financial risk management platform Feedzai has acquired Madrid’s Revelock (formerly known as buguroo). With the acquisition, Feedzai aims to create the world’s largest Financial Intelligence Network, a combined merger that will see more than a trillion data points, sessions, and profiles of good and bad actors all in one database. The financial details of the acquisition remain undisclosed.
With more than a few Minority Report overtones, the Feedzai/Revelock combination will give financial institutions and merchants the ability to detect and prevent crimes before they occur. From the Feedzai side, over 150 billion data points can be used to determine the validity of a transaction, and from Revelock’s side, biometric intelligence is provided for every user, device, and session connecting to the system.
As the pandemic has caused a massive shift in consumer spending habits, namely that of online payments, this has also provided cybercriminals with far more opportunities, increasing the burden and risks for banks, payment processors, and merchants.
With the Revelock acquisition, Feedzai is jockeying to be the one-stop solution for all parties involved in the online flow of monies.
“More than 20 percent of the world’s money flows through Feedzai, and we secure the bank accounts of one in every five people. We already knew what transactions took place for more than 800 million consumers,” commented Feedzai CEO Nuno Sebastiao. “Revelock adds the intelligence of how a transaction takes place.”