|By Business Wire||
|October 19, 2016 08:03 AM EDT|
Feedzai, a leading data science company shaping the future of fraud detection in commerce, today announced the close of a strategic investment from Citi Ventures, which accelerates innovation and growth at Citi. This investment will enable Feedzai to continue to expand its offerings to commerce and banking systems in new geographies.
Feedzai’s next-generation machine learning platform evolves to scan large amounts of data and recognize continuously evolving threats as they emerge, alerting customers in real-time to protect against fraud. Feedzai also offers user-friendly, omni-channel support to protect consumers on the digital platform where they choose to engage with banking or commerce. With its investment in Feedzai, Citi Ventures will support the development and commercialization of new solutions with the potential to transform how to identify and prevent malicious activity in financial services. Feedzai joins Citi Ventures’ existing portfolio of leading companies like Jet.com, Square, Appboy and Chef.
“As cyberattacks become increasingly sophisticated, investing in technologies that have the potential to advance security for our customers’ financial lives is a priority,” said Ramneek Gupta, Managing Director and co-head of Venture Investing at Citi Ventures. “Our investment in Feedzai will help support the continued development of their unique machine learning platform, which provides the ability to identify new and emerging threats and protect bank customers at scale.”
“This investment will help Feedzai continue to develop next-generation security services that transcend data and business silos throughout the commerce ecosystem,” said Nuno Sebastiao, CEO and co-founder of Feedzai. “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.”
Feedzai’s technology is built using machine learning and artificial intelligence that adapts with the detection of new malicious threats at scale, helping business customers make data-backed decisions and de-risk commerce transactions in real-time. The innovative Whitebox Explanations™ is a human-friendly semantic layer that explains every decision with plain readable text. Only Feedzai’s Segment of One™ profiling capability delivers the optimal customer experience while reducing friction when banking or shopping, in any channel or on any device.
Learn more about Feedzai at www.feedzai.com.
Feedzai is AI. We’re coding the future of commerce with a leading platform powered by artificial intelligence and big data. Founded and developed by data scientists and aerospace engineers, Feedzai has one critical mission: make commerce safe. The world’s largest banks, payment providers and retailers use Feedzai’s machine learning technology to manage risks associated with banking and shopping, whether it’s in person, online or via mobile devices. Learn more at www.feedzai.com.
About Citi Ventures
Citi Ventures accelerates innovation at Citi through a strategic focus on investing in, piloting and commercializing new solutions with the potential to transform the future of financial services. Headquartered in Silicon Valley with offices in San Francisco and New York, Citi Ventures aims to cultivate next-generation experiences for Citi's customers by investing in startups, experimenting with new technologies through its global lab network, and driving enterprise-wide, lean startup-based growth initiatives across Citi’s businesses. The team focuses in five key areas: Financial Services & Technology, Commerce & Payments, Security & Enterprise IT, Big Data & Analytics, and Marketing & Customer Experience. Citi Ventures accelerates its portfolio companies' ability to scale through collaboration with Citi's global businesses and industry experts. For more information visit: http://ventures.citi.com/.
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