Ecosystem Zoom in Series: Portugal
Fighting Financial Crime with Advanced AI
Founded in Portugal during 2010 by a combination of data scientists and aerospace engineers, Feedzai is a company fighting financial fraud through AI. Since then, it has become one of the leaders in its market, with a remarkable portfolio of clients and results. As of 2019, their outstanding numbers were the following:
- $5 Billion in transactions scored each day
- 10 of the largest 25 global banks are protected by Feedzai
- $82 Million in total funding
- 30 Million transactions go through their systems each day
- 200 Million people protected by Feedzai
- 500+ employees worldwide
As they themselves put it; “Feedzai is coding the future of commerce with today’s most advanced risk management platform powered by big data and machine learning. The world’s largest banks, processors, and retailers use Feedzai’s fraud prevention and anti-money laundering products to manage risk, while improving customer experience.”
Their constant innovation and experienced technological background allow Feedzai to continue to lead the market while making sure their technology keeps its cutting edge. The company receives awards yearly in many different categories, for example, Tech tour Growth Alumni 50-2017, Medici Top 21 RegTech edition, Forbes FinTech 50-2018, Forbes AI 50-2019, Top 15 Machine Learning Companies 2018 by Datamation, between many others.
Feedzai’s founders’ background has certainly proved helpful to lead such a task. Nuno, Pedro and Paulo’s career before Feedzai would reassure any investors. With past positions at Deloitte, Critical Software, European Space Energy, CERN, Microsoft, Carnegie Mellon, Forbes Technology Council, EPCC, and two PhDs, it is clear they are masters of their domains. And their appearances on stages like Money 20/20, where they chatted with pioneers like The Woz and Stephen Hawking tells you everything you need to know about their pitching skills.
On more recent news, a five-year agreement between Feedzai and SafetyPay was announced earlier this year. SafetyPay is one of the leading digital alternative payment platform providing solutions through LatAm and Europe. The objective of the agreement is for SafetyPay to offer an extra layer of security against fraud risk. As Gustavo Ruiz Moya, CEO of SafetyPay, puts it: “Secure payments have been a core focus for us since SafetyPay was founded more than a decade ago. We constantly strive to leverage the latest technology to protect our customers – both consumers and merchants – and offer them the best experience when they buy and sell online. Our partnership with Feedzai further solidifies SafetyPay’s commitment to enabling fraud-free transactions.” As we move forward into digital payments we are more aware and wary of the possibility of fraud, these are two of the companies providing us with a piece of mind as we transact digitally.
At the time of this writing, it becomes more relevant than ever. We are at the epicentre of the COVID-19 crisis, in which most of us are transacting digitally if transacting at all. And where financial fraud is expected to increase substantially. It also comes as we expect the 6AMLD to come into place later this year. 6AMLD is the ‘The Sixth Anti-Money Laundering Directive’ which “ushers in a new, tougher-on-crime era in the EU. Money laundering is directly linked to an increase in bribery, corruption, human trafficking, terrorist financing and countless other heinous acts. Regulations such as 6AMLD, can empower organisations to create more efficient AML programs that help the innocent victims of the money laundering crimes.” Regulated entities within the EU zone must be compliant by December 3rd, 2020, entities outside the EU have an extra 6-month period.
Finally, we all look forward to Feedzai realizing its mission: “To make banking and commerce safe.”