Featurespace, a fraud detection firm based in Cambridge, has raised $9m in a round led by TTV Capital, a US-based early stage FinTech venture capital firm.
The round also drew support from existing investors including Imperial Innovations Group, Nesta, Cambridge Angels and Cambridge Capital Group.
Featurespace, which uses machine learning to fight fraud, will use the funds to support its expansion across the globe.
Commenting on the raise, Martina King CEO of Featurespace, said: “This new funding round is a huge endorsement of Featurespace’s rising success in financial services fraud management. We have developed the ARIC engine to catch new fraud attacks in real-time, while simultaneously increasing acceptance of genuine customer purchases.”
The company. which services the likes of William Hill and Betfair, has raised $14m in the past eight years.
Gardiner Garrard, managing partner at TTV Capital, added: “Millions of consumers are affected by credit and debit card fraud each year. Featurespace’s ARIC engine is significantly transforming and modernizing card fraud and risk management in the US payment industry, and worldwide, dramatically improving the customer experience.
“This funding round is the first time we’ve invested in a mainland UK company, and reflects our support of Featurespace’s transformative fraud detection capabilities,” concluded Garrard.