Feedzai acquires financial fraud detection platform Revelock

Feedzai announced on Wednesday the acquisition of Revelock, the “world’s most advanced behavioural biometric platform”. According to the company’s statement, this merger makes Feedzai the world’s largest AI-powered financial risk management platform with native integrated behavioural biometrics. The value of the acquisition was not disclosed but it comes after a $200 million investment round by Feedzai earlier this year.

Revelock’s platform enables financial institutions and businesses around the world to detect and prevent financial crimes before they occur. The hyper-granular risk-level assessment increases security, maintains privacy and gives consumers a lightning-fast experience, assures the Portuguese unicorn.

The combined merger will create a vast database containing over 1 trillion data points, sessions, and profiles of both good and bad actors all in one database. The company also states that all user sessions will remain anonymous ensuring that people will be treated as people and not as data points, according to the same statement.

“Our goal has always been to make digital commerce safe for everyone,” says Nuno Sebastiao, Feedzai’s CEO, stating that Revelock’s acquisition “changes the paradigm”. In practice, Feedzai will, in addition to securing transactions in real-time, “effectively preventing crime before it happens”. Revelock’s technology guarantees, through behaviour, to understand if the transaction is really being made by the account owner.

According to Pablo de la Riva, Revelock’s CEO, the company’s technology is “capable of detecting the subtle changes in user behaviour – such as differences in how you hold your phone or how quickly you navigate a banking app – and predict with confidence whether a session should or shouldn’t be trusted”. De la Riva believes that merging with Feedzai’s technology will achieve the “full market potential”.

“More than 20% of the world’s money flows through Feedzai, and we secure the bank accounts of one in every five people. We already knew what transactions took place for more than 800 million consumers,” stated Nuno Sebastião.