The ai Corporation (ai), an FCA approved expert in payments, fraud and risk management, today disclosed that it has secured a $2.5 million investment from its principal existing shareholders, to support its next stage of growth.
With recent investments in services delivery and product development, as well as global expansion, ai has grown its team and is experiencing growth of more than 36 percent year-on-year. ai and its suite of payment and fraud prevention solutions, including machine learning risk management tools, continue to serve businesses across the globe, with several new contract wins in the EU, US, Australia and Africa.
“It is our customers that are fuelling this growth and our innovation,” says Dr Mark Goldspink. “Our approach of simply stopping fraud and simply managing omni-channel payments, keeps us in the vanguard of the machine learning and A.I. market. Some of the world’s largest financial institutions, international merchants and other major payment service providers benefit every day from ai’s service and expertise, and we are deeply humbled and excited at the confidence shown by our shareholders in our future.”
ai’s unique self-service fraud detection solutions are considered by many industry “thought leaders” to be the best in the world. Its solutions, including its “state of the art” machine learning/A.I, protect and enrich payments experiences for over three million multi-channel merchants, 100 banks and over 300 million consumer cardholders. ai also monitors over 25 billion transactions and authorisations each year.
Goldspink adds: “Over the past 4 years, we have moved from being a product only business to a service-based business – lumpy to smooth revenues. We have also expanded our range of solutions not only vertically within the fraud domain, but horizontally across the payment landscape. As the payment value chain continues to converge, ai has positioned itself to take advantage of the evolution of the digitisation of payments, by exploiting our fraud and analytical capabilities.
“ai’s cloud-based payment landscape and European Money Licence mean we can provide a wider range of payment facilitator services for our business partners, allowing them the luxury of rapidly launching new alternative payment types into the market place. A truly end-to-end offering which uses “state of the art” machine learning to manage omni-channel payment transactions securely via a cloud-based platform.”
Coupled with the further investment that ensures ai has the fiscal latitude to take advantage of the growth opportunities, ai’s board members have instigated a full external audit to help re-inforce the strength of the business. ai’s board and shareholders are determined to ensure that no stone is left unturned to demonstrate the growing financial strength of ai.
Goldspink concludes: “Our shareholders have believed in ai’s massive potential since they first invested in the company, and they are convinced, now more than ever, that ai has the right ingredients in place to become a world leader in payments, fraud and risk management. With a world-class executive team, blue-chip customers and industry leading partners, there is no doubt that ai will continue its impressive growth trajectory.”