Feedzai lands backing from Citi for AI fraud detection

Feedzai has scored an undisclosed round from Citibank’s VC investment arm Citi Ventures.

The California-based company’s technology applies machine learning to large data sets allowing it to hunt for anomalies and potential fraud in banking or e-commerce.

Feedzai also offers a customer-facing solution to protect users when they’re engaging with banking or e-commerce services.

It claims its technology was used to analyse more than $800m in transactions for merchants, banks and payment processors last year.

Feedzai CEO and co-founder Nuno Sebastiao said, “One of the drivers behind Feedzai’s partnership with Citi Ventures was the opportunity to actively collaborate and forge new relationships to continue to scale our offerings.

“Citi Ventures will be a partner to advance what we see as the new knowledge economy, helping us forge the cognitive revolution.”

The company says it will use the capital to expand its product’s reach into new geographies.

The investment is reportedly in the ‘multi-million pound’ range and adds to the $26m that Feedzai has raised from investors since its launch in 2009.

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