Feedzai’s RiskOps platform now protects approximately a billion people globally, analyzing over $6 trillion in payments at 3000 transactions per second to prevent fraud
SAN MATEO, Calif. & LISBON, Portugal–(BUSINESS WIRE)–Feedzai, a leading provider of financial crime and risk management solutions, today announced record-breaking results for its 2024 fiscal year, delivering a strong combination of revenue growth acceleration and positive free cash flow margins. Business expansion was highlighted by the rapid expansion of Feedzai’s behavioral biometrics business, which grew 88% year-over-year.
The global cost of online payments fraud is expected to grow by 140% by 2028, according to a recent study by Juniper Research. Against this epidemic of rising financial crime levels worldwide, regulators are increasing enforcement and penalties, resulting in growing anti-money laundering (AML) fines and compliance costs.
Feedzai’s RiskOps platform addresses these challenges, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Today, Feedzai solutions help defend over 1 billion people from financial crime, safeguarding more than $6 trillion in transactions each year, while helping financial institutions reduce their growing costs of AML compliance. Feedzai’s AI-based technology helps businesses fight fraud across the entire risk-cycle, from new account creation and customer onboarding, to payments and other transactions, to ongoing regulatory compliance.
Feedzai closed several landmark transactions in FY24, including:
- A record-breaking upsell with a top 10 European bank worth $100M across its multi-year term.
- A strategic partnership with a major global systems integrator that includes distribution rights and a commitment to work together to build out a major RiskOps practice within the integrator.
- A major reseller relationship with a major player in the risk, compliance, identity, and investigation space. This large, multi-billion dollar media and data company will promote and sell Feedzai’s behavioral biometrics solution to new markets through its large and international sales channel.
- A multi-year, multi-million ARR (annual recurring revenue) transaction facilitating migration of a US government agency’s fraud detection system to Feedzai’s cloud managed service.
In addition, Feedzai introduced major product and technology improvements to extend its RiskOps vision, notably among these:
- Feedzai introduced Railgun, Feedzai’s next-generation, patented AI engine, which enables enhanced fraud detection accuracy and 4x faster risk strategy update speeds, enabling improved decisions with low latency and scalability.
- Feedzai added new ScamPrevent™ capabilities that deliver industry-leading detection, classification, and interception of the widest variety of payment scams and financial fraud typologies by combining transactional fraud detection with behavioral biometrics with out-of-the-box AI improvements and support for inbound payments monitoring.
- Feedzai submitted eight new patent applications and was granted six new patents in the US, including critical intellectual property in the areas of automatic performance monitoring, new ways of using graph algorithms to improve fraud detection, model explainability, algorithms to improve model fairness, and our new Railgun AI engine.
- Downloads of Feedzai’s open source contributions more than doubled, reaching over 90 thousand total downloads. Feedzai is a leader in AI fairness and its open-sourced FairGBM algorithm has received industry accolades as a game-changing contribution that makes Fair Machine Learning accessible to all.
In FY24, Feedzai’s product and technology excellence received significant recognition from industry analysts, including Datos Insights, Frost & Sullivan, Chartis, and Quadrant Knowledge Solutions.
- Feedzai was recognized as a Leader in eight separate analyst evaluations, across several RiskOps market segments.
- In three of these, Feedzai’s product offerings received the #1 product rating overall.
- Feedzai is currently the only vendor recognized as a Leader by industry analysts in all three major RiskOps market segments – transaction fraud solutions, AML solutions, and behavioral biometrics solutions.
Nuno Sebastiao, CEO of Feedzai, said: “The past year was a successful one for us as we’ve significantly expanded both our operations and product offering, while delivering strong positive cash flow. The need for our RiskOps solutions continues to grow as criminals become more sophisticated, leveraging new technologies like generative AI, and as fraud levels continue to rise globally. As a result, we’re laser-focused on helping our customers succeed by providing the world’s best RiskOps technology and expertise, so they can deliver innovative banking solutions secure from financial crime.”
Note to editors
About Feedzai: Feedzai is the world’s first RiskOps platform, protecting people and payments with a comprehensive suite of AI-based solutions designed to stop fraud and financial crime. Feedzai is trusted by leading financial institutions to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.
Contacts
Roopa Ramaiya, VP Communications, Feedzai
[email protected]
