Financial Risk Management Platform Feedzai Buys Revelock

Financial risk management platform Feedzai has acquired Revelock a biometric ID platform. Revelock technology will be immediately integrated into the core Feedzai platform with historical behavioral biometric intelligence available.  Feedzai claims the purchase has created the world’s largest AI-powered financial risk management platform calling the combination transformational.

Feedzai has raised $282M to date with a current valuation of well over $1 billion. The company currently protects 800 million people all over the world.

The combination is said to create a Financial Intelligence Network (FIN) with more than a trillion data points, sessions, and profiles of both good and bad actors. Feedzai Segment of One Profiling uses 150 billion data points to decide if the transaction is fraud or not. Revelock brings biometric intelligence from every user, device, and session connecting to the system. Revelokc helps to minimize the burden on anti-fraud and anti-money laundering (AML) teams.

Feedzai notes that during the past year,  41 percent of consumers switched from cash to online/phone payments, with 55 percent do not plan to switch back to cash. The COVID-19 health crisis has forced many businesses to move to contactless, digital payments. As many consumers have moved to online banking and commerce fraudsters now have more opportunities to commit financial crimes. Feedzai is providing a service to mitigate this risk.

Nuno Sebastiao, CEO of Feedzai, says their goal has been to make e-commerce safe for everyone:

“Adding Revelock to our clients’ arsenal changes the paradigm from securing transactions in real-time – something we were already doing – to effectively preventing crime before it happens. More than 20 percent of the world’s money flows through Feedzai, and we secure the bank accounts of 1 in every five people. We already knew what transactions took place for more than 800 million consumers. Revelock adds the intelligence of how a transaction takes place. Combined with the why from using Feedzai’s Responsible AI, we’re moving to the next level of machine precognition. As a result, our client’s customers have a safe pass throughout their entire digital commerce journey, making their experience faster, more private, and more secure.”

Pablo de la Riva, CEO of Revelock, adds that they created their service to help identify whether you are really you when you’re transacting online.

“With its hypergranular, anonymized profiles, Revelock’s technology is capable of detecting the subtle changes in user behavior – such as differences in how you hold your phone or how quickly you navigate a banking app – and predict with confidence whether a session should or shouldn’t be trusted. It can identify bad intentions even from a single keystroke and stop fraud before it occurs, all while safeguarding your privacy and anonymity, even from the people that are protecting you.  We are thrilled to see our technology come to its full market potential when fused with Feedzai’s AI expertise, where the combination of our technologies is pushing the boundaries of what can be done to secure modern commerce.”



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