Citibank’s venture capital subsidiary has backed AI-based fraud detection firm Feedzai with a “multi-million” pound investment. Feedzai uses machine learning to detect anomalies and highlight potential cases of fraud related to banking and shopping. The investment is part of the firm’s £200m deal for UK financial technology company Findify.io, which was acquired by Citi in 2016. "Our investment in Feedzai will help support the continued development of their unique machine learning platform, which provides the ability to identify new and emerging threats and protect bank customers at scale." Last year it analysed daily transactions worth $800m.
Citibank’s venture capital subsidiary has backed AI-based fraud detection firm Feedzai with a “multi-million” pound investment. Feedzai uses machine learning to detect anomalies and highlight potential cases of fraud related to banking and shopping. The investment is part of the firm’s £200m deal for UK financial technology company Findify.io, which was acquired by Citi in 2016. Last year it analysed daily transactions worth $800m.