The data science start up more than doubled the amount analyzed by its algorithms in less than a year.
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 have now analyzed more than $2 billion in purchases in real-time each day, all over the world.
This milestone reflects Feedzai’s fast growth in recent months. At the end of 2015 Feedzai reached $1 billion daily transaction monitoring and only six months later, the company doubled the amount analyzed every day in payments all over the world in both the online and offline channels.
“This great milestone is the result of Feedzai’s quick growth and the consequence of new contracts signed with great companies and brands in several regions, from the US to Asia”, says Nuno Sebastião, Feedzai’s CEO and co-founder.
Besides retail commerce, financial companies around the world use Feedzai’s technology to become even more secure, using real time machine-learning to analyze the large amount of data in order to detect and prevent fraud in electronic transactions. This technology is becoming more intelligent in every transaction that it evaluates, helping merchants, banks, payment processors and buyers to reduce the risk of bank payments in worldwide commerce.
“Internet is transforming the nature of data security, as the way of accessing and sharing data, which becomes increasingly large and with a more easily circulation. In this sense, the development of mechanisms to help identify deviations of certain behavioural patterns is crucial, inside the high volume of existing and available data for analysis, making the fraud detection increasingly effective without compromising the customers and end users experience”, Nuno Sebastião said.
Feedzai is one of the 50 companies recognized by 2016’s Tech Tour Growth list, with an average growth of 300% since 2013, and adding profits from the following year.
For 2016 Feedzai expects to grow more than 200% and continue to strengthen the number of employees in the five cities where the company has offices: London, San Mateo, New York, Lisbon and Coimbra.