The fraud detection services provider Feedzai has raised $17.5 million in its Series B financing round.
Feedzai plans to use the money it collected to expand its sales and engineering teams as it works to meet demand for its software platform, according to a May 18 news release. The financing round was led by venture growth-equity fund Oak HC/FT and included existing investors Sapphire Ventures and Espirito Santo Ventures.
In addition to the funding, the company announced that it has added Oak HC/FT general partner Patricia Kemp and Money20/20 co-founder and former head of global business development for Google Wallet and Payments Jonathan Weiner to its board of directors.
In February, Feedzai upgraded its fraud detection service API, which was originally released last November. Feedzai's customers include Coca-Cola, Vodafone, Ericsson, Servebase Credit Card Solutions and First Data.