Featurespace has raised £30 million in a funding round led by Merian Chrysalis Investment Company, alongside existing investors.

The funding will be used to support the RegTech firm's continued growth.

Chief executive Martina King commented: "During these challenging times, our machine learning models have automatically adapted to the shift in consumer, business and criminal behaviour.

“We are grateful to our existing investors for continuing to invest in our growth and we are delighted to welcome Merian Chrysalis to our investment community.”

Richard Watts, portfolio manager at Merian Chrysalis, added: “Featurespace has developed truly innovative technology and provides financial institutions with a world-class solution in the fast-growing fraud detection and prevention market."

Featurespace's enterprise financial crime prevention solution for fraud and Anti-Money Laundering focuses on its ARIC platform, machine learning software that risk scores events in more than 180 countries.

The ARIC Risk Hub uses explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time.

More than 30 global financial institutions are using ARIC to protect their business and their customers, including four of the five largest banks in the UK. Publicly announced customers include HSBC, TSYS, Worldpay, RBS NatWest Group, Contis, Danske Bank, ClearBank, Permanent TSB and Betfair.

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