The ai Corporation, an FCA approved payments, fraud and risk management business, has landed $2.5m in funding.
Its principal existing shareholders participated in the round, which will be used to support its next stage of growth.
Based in London, ai provides a suite of payment and fraud prevention solutions, including machine learning risk management tools, to businesses across the globe, with several new contract wins in the EU, US, Australia and Africa.
CEO Mark Goldspink said: “Our approach of simply stopping fraud and simply managing omni-channel payments, keeps us in the vanguard of the machine learning and A.I. market.
“Some of the world’s largest financial institutions, international merchants and other major payment service providers benefit every day from ai’s service and expertise, and we are deeply humbled and excited at the confidence shown by our shareholders in our future.”
Its solutions, including its machine learning/A.I, protect and enrich payments experiences for over three million multi-channel merchants, 100 banks and over 300 million consumer cardholders. ai also monitors over 25 billion transactions and authorisations each year.
“ai’s cloud-based payment landscape and European Money Licence mean we can provide a wider range of payment facilitator services for our business partners, allowing them the luxury of rapidly launching new alternative payment types into the market place,” Goldspink added. “A truly end-to-end offering which uses “state of the art” machine learning to manage omni-channel payment transactions securely via a cloud-based platform.”
The company’s solutions include aiGateway, a PCI compliant white label omni-channel payment gateway with integrated fraud prevention. The system can be deployed either as a fully managed and hosted payment solution or as a licensed solution, allowing regional deployment to comply with national regulations, whilst maintaining international acquirer access.
It also provides RiskNet, a real-time and near real-time self-service rules engine for the detection and prevention of fraud and other suspicious transactions. RiskNet Acquirer is designed for merchant risk management and fraud detection for POS, ATM and PSP Acquirers, while RiskNet Issuer is designed for fraud detection for card issuers, covering all card payment types e.g. credit, debit, pre-paid, private label, e-wallet etc. ai’s fraud offering also includes SmartRule, SmartScore, Smart Intelligence, and EazyFuel.
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