Credit: Nattanan Kanchanaprat from Pixabay.

Cloud-based financial risk management platform Feedzai has secured $200m in Series D investment round.

The round was led by global investment firm KKR, while the company existing backers Sapphire Ventures and Citi Ventures also joined.

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With the latest fundraising, Feedzai raised its valuation to more than $1bn achieving unicorn status.

Feedzai helps banks and financial institutions in detecting financing crimes, money laundering and other fraudulent activities.

The company offers an artificial intelligence and machine learning platform to process customer and third-party data, addressing potential threats.

Its clients include several financial institutions including Citibank, Fiserv and Santander.

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The US-based firm plans to utilise the proceeds to strengthen product portfolio and fuel its global expansion.

Feedzai CEO and chairman Nuno Sebastiao said: “Feedzai’s technology is the cornerstone of today’s commerce as consumers across the globe expect fast, reliable, seamless, and, above all, secure banking and payment experiences.

“The world has faster digitisation requirements, and financial institutions need reliable solutions that thrive in this new digital environment in days, not months.

“We’re thrilled to be working with KKR to bring more innovation into this space and to keep protecting our customers from an ever-evolving financial crime landscape.”

KKR managing director Stephen Shanley said: “Feedzai offers a powerful solution to one of the biggest challenges we are facing today: financial crime in the digital age.

“Global commerce depends on future-proof technologies capable of dealing with a rapidly evolving threat landscape. At the same time, consumers rightfully demand a great customer experience, in addition to strong security layers when using banking or payments services.”

In January, BTG+ partnered with Feedzai to boost customer experience.