Feedzai Poised to Cross $800 Million in Daily Payments Volume in 2015
Company Roster Will Double, Including Two Strategic Hires to Extend Reach of Platform; Opens New York City Office
SAN MATEO, Calif., Sept. 30, 2015 /PRNewswire/ -- Feedzai, a data science company that uses real-time, machine-based learning to analyze big data and minimize risk in the financial industry, announces that its algorithms are poised this year to analyze $800 million in purchases in real-time each day. Feedzai's technology gets even smarter with each transaction it evaluates, helping merchants, banks, payment processors and acquirers to reduce the risk of fraud in omni-channel commerce. The company celebrates additional growth milestones simultaneously; bringing on two executive hires, and opening an office in New York City dedicated to customer support.
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"Most of the world's data has been created in the last two years, yet remains untapped. Feedzai's solution gives financial institutions the tools they need to transform risk management into real-time data science, and our machine learning algorithms are hard at work processing millions in purchases to ensure that customers' data and transactions are safe," said Nuno Sebastiao, CEO of Feedzai. "As with any startup's growth, we're ensuring that our technology continues to mitigate risk and losses associated with fraud on a greater scale, while growing our team with the industry's best talent, and supporting our customers at any time. We're excited to enter Q4 and tackle 2016 and beyond."
Feedzai, headquartered in San Mateo, Calif., with additional technology development offices in Europe, has also opened an office in New York to house its East Coast customer support team. To ensure Feedzai's worldwide customers have support around the clock, no matter the time zone, the company has customer support teams lined up around the globe. Feedzai is hiring in the New York City area; to see the job postings, click here.
With accelerating growth over the past two years since its launch in the U.S. market, Feedzai has bulked up its team to help extend the reach of its evolving platform both domestically and worldwide. Phong Q. Rock joins Feedzai as senior vice president of global business development and strategic alliances. With more than two decades of experience collaborating and innovating alongside leading banks, financial services companies and high-tech enterprises on priority initiatives, Rock and his team will work closely with partners and strategic clients across the payments ecosystem to enable the Feedzai solution platform and new use cases to downstream customers and end users. Before joining, he was vice president of strategic clients and innovation at Experian. Earlier he led Accenture's Digital practice in Silicon Valley where he drove growth initiatives in mobility, decision analytics and big data for Financial Services and High-Tech. Additionally, he served as head of global markets for mPayments pioneer Obopay, spearheading the company's expansion into Europe, Africa and Latin America. His career also includes senior roles at Visa, Wells Fargo Bank and JP Morgan Chase.
Every year, billions of dollars are lost to fraud in the e-commerce world. To accelerate Feedzai's expansion into the Cloud and SaaS ecommerce market, Sandeep Grover is joining as the senior vice president of global e-commerce . Prior to Feedzai, Grover was the head of GoDaddy's site building businesses where he led the launch of a new ecommerce platform from grounds up for small and medium businesses. Earlier in his career, Grover spent several years at Amazon.com where he led the trust and safety teams; his key initiatives included taking a machine learning based fraud detection product to market, and helping build Amazon's reputation as one of the safest and trusted places to shop online.
Recently, the company also announced updates to its software platform, providing improved risk management and fraud prevention solutions beyond transaction authorization, and a partnership with Socure, the industry leader in real-time online identity verification solutions. For more information, visit www.feedzai.com.
About Feedzai
Every day, the world produces petabytes of data, and Feedzai enables businesses to accurately analyze this information to keep their customers' data and transactions safe at any place in real-time. Customers use Feedzai's Fraud Prevention That Learns™ software to reduce risks associated with banking and shopping, whether it's in person, online or via mobile devices, by detecting fraud through deep historical and behavioral analysis of the organization's data. Feedzai's customers, consisting of payment networks, processors, banks, and retailers have found that Feedzai's machine learning software detects fraud by as much as 10 days earlier than other solutions and exposes up to 60 percent more fraud cases with lower false alarms, which can save millions of dollars in fraud loss. Feedzai is a global company with US headquarters in San Mateo, and is backed by OAK HC/FT, Sapphire Ventures, Data Collective and other international investors. For additional information, visit http://www.feedzai.com.
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