Risk management platform Feedzai announced a 44 percent increase in growth for the first half of the fiscal year for 2020, which a press release says was one of the company’s most successful so far.
Comparing it favorably to the first half of 2019, Feedzai says it closed deals in the U.S., EMEA, Asia and the Pacific and Latin America. The deals sometimes concerned big players, including “some of the largest and most innovative companies in the world (e.g. one of the biggest payments processors in the world, one of the top 3 banks in Brazil, one of the big four banks in Australia, the largest national card processor in Europe, and several others),” according to the release.
In addition, the company has strengthened its hiring, with several veterans of finance, policy and regulatory affairs joining the team. That includes new Chief Financial Officer Amaury Dauge, previously of Qontigo and Euronext, and new Chief Marketing Officer Varun Kohli, a seasoned Silicon Valley veteran.
And the company has continued implementing new machine-learning tech and filing new patents in areas such as deep learning, model fairness operations, active learning, transaction graph representations and more, the release says.
Co-founder and CEO Nuno Sebastiao contrasted his company’s experience with those of others.
“Feedzai had one of its best quarters ever amid the pandemic, while many industries, unfortunately, showed signs of deterioration. This simultaneously shows that our technology is mission-critical, and our business is crisis resilient,” he said, according to the release. “I’m confident that our next phase of growth will benefit from market conditions in which digital transformation will play a larger than ever role, and from a set of strategic decisions we’ve made in the last nine months.”
Feedzai has seen the increase in fraud and scams with the pandemic. The company says its fraud solution works to decrease costs and more efficiently target the activity.
The fraud issue can make some customers more hesitant to utilize online banking — a recent report found that near half of online banking and mobile banking users that had experienced fraud were at least “somewhat concerned” about the issue. And meanwhile, 35.7 percent of users who hadn’t experienced fraud were concerned about it, too.