Risk scoring technology specialist Feedzai has acquired Revelock, adding biometric tools to its tech portfolio.
Focused on the financial services sector, Feedzai offers a cloud-based anti-fraud platform that uses machine learning for risk management. Revelock, meanwhile, offers a highly complementary technology in the form of behavioral biometrics, building end user profiles based on their behavioral patterns and watching for abnormal behaviors that can indicate fraudulent activity.
“Adding Revelock to our clients’ arsenal changes the paradigm from securing transactions in real-time – something we were already doing – to effectively preventing crime before it happens,” explained Feedzai CEO Nuno Sebastiao, adding later that combining Revelock’s technology with Feedzai’s own means that the company is “moving to the next level of machine precognition.”
Terms of the acquisition have not been disclosed. Feedzai is a large startup, having raised $282 million in total through private funding rounds to reach a valuation of more than $1 billion. The company has rapidly established an enormous position in the global market, according to Sebastiao.
“More than 20 percent of the world’s money flows through Feedzai, and we secure the bank accounts of one in every five people,” he said.
For Revelock, the acquisition marks the latest and most important development in a remarkable business year. The company rebranded from its previous moniker, “buguroo”, in April, and immediately proceeded to partner with FacePhi, one of the most well-regarded biometric selfie onboarding specialists in the world, in May.
Now, Revelock is poised to dramatically extend its market reach as part of Feedzai. Commenting on the acquisition, Revelock CEO Pablo de la Riva praised Feedzai for its own technology, which enables the creation of “hypergranular, anonymized profiles” and the detection of “subtle changes in user behavior” in order to detect and prevent fraud.
“We are thrilled to see our technology come to its full market potential when fused with Feedzai’s AI expertise, where the combination of our technologies is pushing the boundaries of what can be done to secure modern commerce,” he said.
August 9, 2021 – by Alex Perala