Feedzai Concludes Record-Breaking Fiscal Year 2024: Delivering Cash-flow Positive Results with Growth Acceleration Led by 88% Growth in Behavioral Biometrics Solutions
April 25 2024 - 8:01AM
Business Wire
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
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240425121359/en/
Roopa Ramaiya, VP Communications, Feedzai
roopa.ramaiya@feedzai.com