As 2018 came to a close, the Global Fraud Detection and Prevention Market 2019-2023 asserted that fraud detection and prevention is a key trend expected to continue to gain traction in the market over the next four years. Given the anticipated growth, it’s likely the marketplace will see more announcements that like of Featurespace, a provider of adaptive behavioral analytics for fraud detection and risk management, which raised £25 million ($32.3 million) in its latest funding round led by New York City-based Insight Venture Partners.
Additional funding was provided by existing investors including IP Group plc, Highland Europe, TTV Capital, Robert Sansom and Invoke Capital. Featurespace CEO Martina King said the capital infusion will “will enable us to continue rapidly growing the business internationally by focusing on our products, our people and our customers.”
The Cambridge, England-based company recently opened an office in Atlanta, Georgia and has expanded its financial services customer base to include 17 banks around the world.
“We have been following Featurespace’s growth for over two years. Following extensive customer and product due diligence, we were delighted with market feedback around the product and team. We welcome Featurespace into our portfolio and look forward to helping the company drive international growth,” said Jeff Horing, Co-Founder and Managing Director at Insight Venture Partners.