Further US expansion planned for fast-growing Featurespace
Cambridge machine learning business Featurespace is scaling in the UK and looking to set up further US operations.
Eleven new recruits have joined the company in the first month of 2017, taking headcount to over 70 in Cambridge and London.
The company says the next key area of expansion is the United States after its success in implementing its ARIC technology for Georgia credit card services business TSYS as well as for a major US bank.
Featurespace, a global leader in machine learning fraud prevention using Adaptive Behavioural Analytics, has physically expanded both its UK offices and now wants to add to its North Carolina base to cash in on enormous potential across the Pond.
CEO Martina King said: “It is a very exciting time here at Featurespace; expansion is required to support our commercial successes.
“As a home grown Cambridge technology business operating internationally, we are proud to continue to invest in Cambridge.”
Featurespace moved its international headquarters to larger premises in Cambridge’s Broers Building to accommodate the new staff and add capacity for further growth. The London offices have moved to Bishopsgate in the City.
The expansion includes the recruitment of seven new members of the commercial team, including two subject matter experts in financial services and gaming, and four additional members to the engineering and data science team.
Featurespace was founded out of the University of Cambridge Engineering Department in 2008 by Professor Bill Fitzgerald and Dave Excell. Their pioneering research led to the creation of the world’s first Adaptive Behavioural Analytics engine, the ARIC platform.
The ARIC platform detects fraud for global businesses across financial services, including retail banks, payment providers and card issuers, as well as companies in Insurance and Gaming.
Featurespace has deployed ARIC to organisations that have services or products deployed in over 180 countries. Customers include Betfair, Vocalink/Zapp, Camelot, William Hill and TSYS, the largest third-party processor of Visa® and MasterCard® credit cards in the US.
The increased accuracy of understanding customer behaviour simultaneously reduces the number of genuine customers whose purchases and transactions are incorrectly declined – a solution that can save the payments industry $16 billion annually according to studies commissioned by Featurespace.