Feedzai, an artificial intelligence (AI)-based fraud prevention company focused on helping enterprises manage risk and fight fraud in real time, announced Tuesday (Oct. 17) it had raised $50 million in funding.
In a press release published by Business Wire, the company said it had recently closed a $50 million new funding round that included Series C funding from an unnamed investor. The other investor to take part in the fundraising round was Sapphire Ventures, which invested in the startup in the past. Other financial institutions backing Feedzai include Citi, Capital One, First Data and others, according to the press release.
“Our vision is to serve all of the leading banks and merchants that drive the majority of money movement worldwide,” said Nuno Sebastiao, Feedzai CEO and co-founder, in prepared remarks. “We’ve made major headway on our vision in the last year, and this new round of funding will help us accelerate our growth as we continue to invest in the top people, as well as the most advanced data science and machine learning technology, to make banking and commerce safe across the globe.”
Feedzai said in the press release that it is on track to more than double its 2016 headcount in 2017, planning to hit 300 employees by the end of the year. The company has added key sales executives worldwide, including hiring former Box senior vice president Jim Priestley as chief revenue officer, it noted. With the $50 million Series C round, the company has raised a total of $82 million from nine investors including Oak HC/FT, Capital One Growth Ventures and Citi Ventures.
“Fraud [prevention] is and will continue to be a critical issue as more business is transacted digitally,” said Anders Ranum, venture partner, Sapphire Ventures in the same press release. “Feedzai’s proprietary platform puts the power back in the hands of merchants, issuers and payment networks to manage risk while improving top-line revenue. We’re excited to continue supporting Feedzai to help them grow further.”