Feedzai Buys FinTech AI Platform Revelock

AI fintech Feedzai made a public pronouncement on Wednesday (Aug. 4), informing the public of the purchase of Revelock, a behavioral biometric platform.

Feedzai and Revelock believe that putting their expertise, market shares, and topnotch offering together will provide effective proactive measures through which financial institutions and merchants can stop fraudulent practices before they occur.

According to claims by Feedzai, over 20% of global remittances are facilitated through its platform. The firm also claims to be responsible for securing the accounts of at least 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,” explained Feedzai CEO Nuno Sebastiao

The firms indicated that their latest FIN will create a base of over 1 trillion data points, sessions, and “profiles of both good and bad actors,” making it easy for customers to identify fraudulent transactions.

Feedzai completed a Series D funding round early in 2021, raising $200 million at a valuation that put it across the unicorn line – over US$1 billion.