U.K. Antifraud Firm Nets $9 Million in New Financing for U.S. Expansion
June 2, 2016
Featurespace, a U.K.-based antifraud technology provider, has raised $9 million to fund a U.S. expansion. The company, which announced its first significant U.S. partnership with Columbus, Ga.-based payment processor TSYS two weeks ago, leverages its ARIC (Adaptive, Real-time, Individual, Change identification) engine to monitor the online behavior of its clients’ users. The machine learning technology combined with adaptive behavioral analytics enables Featurespace to understand the “good” behavior of individual users and spot anomalies that indicate fraud while reducing legitimate transactions that get unnecessarily blocked. The financing was led by Atlanta-based fintech investor TTV Capital.
“Featurespace’s ARIC engine is significantly transforming and modernizing card fraud and risk management in the U.S. payment industry, and worldwide, dramatically improving the customer experience,” said Gardiner Garrard, managing partner at TTV Capital. “This funding round is the first time we’ve invested in a mainland U.K. company, and reflects our support of Featurespace’s transformative fraud detection capabilities.”
The company’s technology, developed by engineering researchers at Cambridge University, is deployed in 180 countries and is focused on preventing card-not- present fraud in the financial services, online gambling and insurance industries.