Feedzai raises $200m to further KYC/AML solutions and partners with Novobanco
“The Digital Trust and Transaction Fraud for Banking solutions which are part of our RiskOps platform will empower Novobanco to further enhance its fantastic service whilst providing the highest level of financial security for its customers.”
Feedzai has partnered with Portuguese bank Novo Banco S.A., known commercially as Novobanco, to further enhance the bank’s customer experience, improve its digital journey and provide fraud protection.
Novobanco is a domestic Portuguese universal bank that provides the full spectrum of financial products to both the corporate and retail segments, catering to 1.5 million clients with assets worth €43.8 billion – the 4th largest bank in its domestic market with a market share of 9.6%.
Feedzai offers Digital Trust (DT) and Transaction Fraud for Banking (TFB) solutions
The partnership between Novobanco and Feedzai aims to optimize solutions to all customers in order to improve overall trust, satisfaction, and engagement levels.
The RiskOps platform for financial risk management will provide Novobanco with its Digital Trust (DT) and Transaction Fraud for Banking (TFB) solutions onto Novobanco’s infrastructure.
The two solutions work together to provide a deeper analysis of customer biometrics and behaviour, network, device, and threat data in real time to better identify legitimate customers and improve fraud blocking before it happens.
Feedzai’s AI for fair treatment across customer portfolio
Feedzai’s human-centered AI will also help Novobanco apply fair treatment across its customer portfolio by proactively addressing customer bias and improving their overall experience.
Nuno Pires, Global Head of Sales at Feedzai, said: “We’re proud that Novobanco has selected Feedzai as a trusted partner. The Digital Trust and Transaction Fraud for Banking solutions which are part of our RiskOps platform will empower Novobanco to further enhance its fantastic service whilst providing the highest level of financial security for its customers.”
Duarte Pupo Correia, EVP, Head of Digital Channels at Novo Banco, commented: “As a customer centric Bank, at Novobanco we are committed to continuously improving and providing the most intuitive, appealing and secure experience for all our customers. As we continue to invest in our digital ecosystem, implementing Feedzai’s best-in-class solutions will ensure we can raise the bar to a higher level.”
Feedzai raises $200 million from KKR, Sapphire Ventures, and Citi Ventures
The partnership with Novobanco follows a successful fundraiser worth $200 million led by one of the most respected names in the global investment world: KKR. Other investors include Sapphire Ventures and Citi Ventures, who in 2017 invested $50 million in Feedzai. Feedzai is now valued at well above $1 billion.
This investment will allow Feedzai to continue expanding and developing its technology and expertise in fraud prevention and anti-money laundering.
Feedzai will further develop its single machine-learning cloud platform for all four stages of the customer risk journey: prevention, detection, remediation, and compliance. The product roadmap includes a full end-to-end financial crime and risk management solution so that financial institutions can scale, pivot, and meet new opportunities.
Feedzai is targeting customers across North America, Europe, the Middle East, Africa, Asia Pacific, and Latin America.
