Diligence report Artificial intelligence; fintech; fraud prevention; AML and financial-crime risk operations Late-stage private unicorn candidate

Feedzai

Feedzai Public-Source Startup Diligence Report

Proceed to data-room diligence only: the upside case depends on whether Feedzai converts RiskOps category leadership, bank/customer proof points and AI/IP into durable ARR, retention, margins and regulatory trust at a valuation still justified after the 2021 Series D.

Company profile

Feedzai Public-Source Startup Diligence Report

Feedzai appears to be an active late-stage private AI/fintech unicorn candidate with credible public financing, product, customer, partner, research and patent signals, but public data is insufficient to underwrite valuation, financial quality, customer concentration, AI governance or legal exposure.

Website: www.feedzai.com
Sector: Artificial intelligence; fintech; fraud prevention; AML and financial-crime risk operations
Geography: Portugal / United States; public sources cite San Mateo, California and Lisbon, Portugal with global operations
Stage: Late-stage private unicorn candidate
Known aliases: Feedzai, Inc., Feedzai - Consultadoria e Inovação Tecnológica, S.A., Feedzai RiskOps
Report version: 1.0
Timezone: UTC

Executive summary

Strengths

Feedzai raised $200M led by KKR in March 2021 at a valuation above $1B; exact $1.3B/current valuation remains unresolved.
Feedzai publicly markets a unified RiskOps platform across identity, fraud and AML.
Feedzai maintains public research and patent pages with granted patents and claimed pending applications.

Risks

No public financials, ARR, burn, runway or unit economics.
Customer concentration, churn and revenue by customer are not public.
AI model governance and fairness controls are central and mostly private.

Gaps

Audited financials, ARR, gross margin, burn, runway, debt and cap table.
Customer-level ARR, retention, concentration, contract terms and references.
Model-risk validation, security/privacy audits, incidents, DPAs, material contracts and regulatory correspondence.

Recommended next steps

Verify private-company eligibility and valuation through counsel, cap table and financing documents.
Request full finance, customer, product, R&D, HR, legal, security and contract data-room materials.
Conduct reference calls with top customers and model downside runway before relying on the 2021 unicorn valuation.

Risk register

high medium likelihood

R-002: Stale valuation and preference-stack risk

The 2021 unicorn valuation is stale and exact $1.3B figure is unreconciled.

Diligence request: Review financing documents, cap table, preference stack, 409A and investor marks.

high medium likelihood

R-005: AI model governance and fairness exposure

Feedzai depends on AI decisions in regulated financial workflows.

Diligence request: Review model-risk management, fairness testing and AI Act readiness.

high medium likelihood

R-006: Privacy, security and processor obligations

Feedzai processes personal data for mission-critical bank workflows; audits and incidents are not public.

Diligence request: Request SOC/ISO, pen tests, DPAs, subprocessors, incidents and cyber insurance.

high unknown likelihood

R-001: Financial opacity and cash-burn unknown

No audited financials, ARR, burn, runway or unit economics are public.

Diligence request: Request audited financials, ARR bridge, cash, debt, burn and runway.

high unknown likelihood

R-003: Customer concentration and retention opacity

Public stories do not reveal top-customer ARR, churn, NRR or renewal status.

Diligence request: Request customer-level ARR, renewals, health scores, churn and references.

medium high likelihood

R-004: Competitive pressure in fraud and AML

Incumbents and specialists market overlapping fraud, AML and financial-crime platforms.

Diligence request: Review win/loss, pricing and customer procurement feedback.

medium medium likelihood

R-007: Product performance claims need independent validation

Company-published performance claims are not independently benchmarked publicly.

Diligence request: Validate with customer data, model metrics and implementation costs.

medium medium likelihood

R-008: Partner and AWS dependency risk

AWS and strategic partners are public, but economics, SLAs and termination rights are private.

Diligence request: Review partner/cloud contracts, SLAs, data residency and DR.

Chapter 01

01Financial Information

Public evidence supports an active private unicorn candidate but not financial quality, current valuation or capitalization.

EC-001 EC-002 EC-003 EC-019 EC-021

I.A Annual and quarterly financial information for the past three years

partially verified confidence: medium

Public sources disclose funding and selected scale metrics, but not audited statements, ARR, cash, debt, backlog or AR aging.

EC-019

Evidence gaps

Private data-room evidence is required for full I.A checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for annual and quarterly financial information for the past three years.

Public financial and unit-economic signals
Metric	Public value	Request
Audited revenue/ARR/gross margin	not_publicly_verifiable	Audited financials and ARR bridge
Scale claim	800M+ end customers / 190 countries, company-published	Definitions and ARR mapping
Cash/burn/debt/runway	not_publicly_verifiable	Bank statements and debt agreements

I.B Financial Projections

partially verified confidence: medium

Demand drivers are public, but projections, CAC, retention, pricing assumptions and runway are private.

EC-026 EC-019

Evidence gaps

Private data-room evidence is required for full I.B checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for financial projections.

I.C Capital Structure

not publicly verifiable confidence: low

Investor names are public; ownership, options, debt, preferences and off-balance-sheet liabilities are private.

EC-021 EC-001

Evidence gaps

Private data-room evidence is required for full I.C checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for capital structure.

Capital structure and ownership snapshot
Stakeholder	Public position	Caveat
KKR	Series D lead	Ownership/preferences not public
Sapphire/Citi/Oak/Capital One and others	Public prior investors	Current holdings not public
Employees/options/debt holders	not_publicly_verifiable	Need cap table and debt schedule

I.D Other financial information

partially verified confidence: medium

Public financing history supports a 2021 unicorn round, but current valuation, tax and accounting policies are private.

EC-001 EC-002 EC-003

Evidence gaps

Private data-room evidence is required for full I.D checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for other financial information.

Public funding-round history
Date	Round	Amount	Lead/participants	Post-money
2015-05-18	Series B	$17.5M	Oak HC/FT, Sapphire, Espirito Santo	not_publicly_verifiable
2017-10-17	Series C	$50M	Undisclosed new investor, Sapphire and others	not_publicly_verifiable
2021-03-24	Series D	$200M	KKR, Sapphire, Citi Ventures	> $1B; candidate $1.3B

Feedzai public financing timeline Feedzai public financing timeline

Public valuation trajectory and gaps Public valuation trajectory and gaps

2021 y-value uses user-provided Wikipedia anchor.

Chapter 02

02Products

Product breadth is public, but pricing, economics and independent performance are not.

EC-004 EC-006 EC-010

II.A Description of each product

partially verified confidence: medium

RiskOps product breadth is public; pricing, module economics, uptime, attach rate and roadmap require private validation.

EC-004 EC-006 EC-010

Evidence gaps

Private data-room evidence is required for full II.A checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for description of each product.

Product and SKU matrix
Product	Audience	Features
RiskOps Platform	Banks, PSPs, acquirers, merchants	Unified identity/fraud/AML
Identity / Digital Trust	Financial institutions	Behavioral biometrics, device intelligence, onboarding/account monitoring
Fraud / Scam Prevention	Banks and processors	Real-time omnichannel risk analysis
AML / Watchlist / Transaction Monitoring	Compliance teams	AML transaction monitoring and screening

Pricing and packaging evidence
Item	Public pricing	Request
RiskOps enterprise platform	No list pricing; request demo	Price book, discounts, implementation fees
Module-level pricing	not_publicly_verifiable	SKU ARR, gross margin, attach rate
Partner/reseller economics	Program exists; economics private	Revenue share and reseller margins

RiskOps public product architecture RiskOps public product architecture

Chapter 03

03Customer Information

Customer and partner proof exists, but concentration, churn and supplier economics are private.

EC-005 EC-007 EC-008 EC-020 EC-023

III.A Top customers by application

partially verified confidence: medium

Named customers and stories are public but top-15 customer detail and purchase timing are private.

EC-005 EC-007 EC-020

Evidence gaps

Private data-room evidence is required for full III.A checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for top customers by application.

Publicly known customers and case studies
Customer	Use case	Caveat
Citibank, Fiserv, Santander, SoFi, Mox	AI risk management	Current ARR/scope not public
CoreCard	Transaction fraud	64% attempted fraud detected; selected story
STET / Wio Bank	Transaction fraud / Digital Trust	No contract economics public

Public customer proof-point chart Public customer proof-point chart

Not a revenue concentration chart; public concentration data is unavailable.

III.B Strategic relationships

partially verified confidence: medium

Mastercard, Citi, AWS and channel partner evidence is public but economics and exclusivity are private.

EC-008 EC-022

Evidence gaps

Private data-room evidence is required for full III.B checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for strategic relationships.

Strategic relationships and partnerships
Partner	Nature	Gap
Mastercard	Scam and crypto-fraud collaborations	Commercial terms and revenue share
AWS	Cloud-delivery partner	SLAs, spend, data residency
Capgemini, Deloitte, EY, NTT DATA and others	Delivery/reseller/integration ecosystem	Partner-sourced ARR and quality

III.C Revenue by customer

not publicly verifiable confidence: low

Revenue by customer and any 5%+ customer concentration are not public.

EC-020

Evidence gaps

Private data-room evidence is required for full III.C checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for revenue by customer.

III.D Significant relationships severed within the last two years

partially verified confidence: medium

Public sources emphasize wins, not severed relationships or churn.

EC-020

Evidence gaps

Private data-room evidence is required for full III.D checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for significant relationships severed within the last two years.

III.E Top suppliers

partially verified confidence: medium

AWS is public as cloud partner; top supplier spend, SLAs and contingency plans are private.

EC-023 EC-025

Evidence gaps

Private data-room evidence is required for full III.E checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for top suppliers.

Supplier and cloud dependency snapshot
Supplier	Role	Risk
AWS	Feedzai Cloud delivery	Cloud concentration and data residency
Data/device/behavioral sources	Risk signals	Subprocessor/privacy constraints
Professional-services partners	Delivery/resale/integration	Implementation quality and margin control

Chapter 04

04Competition

The market is crowded with incumbents and specialists; defensibility requires win/loss validation.

EC-004 EC-009

IV.A Competitive landscape by market segment

partially verified confidence: medium

Feedzai competes with incumbents and specialists in fraud, AML and financial-crime risk; win rates and market share are private.

EC-004 EC-009

Evidence gaps

Private data-room evidence is required for full IV.A checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for competitive landscape by market segment.

Competitor comparison matrix
Company	Overlap	Public differentiator
Feedzai	Target	Unified RiskOps plus research/patents
NICE Actimize	Fraud/AML/financial crime	AI-driven AML and fraud solutions
FICO Falcon / SAS / ComplyAdvantage	Fraud manager, fraud management, AML risk detection	Incumbent/specialist alternatives

Basis-of-competition scoring
Axis	Feedzai public position	Diligence request
AI/model performance	62% more fraud detected; Railgun/Fairband claims	Independent benchmarks
Enterprise trust/distribution	Named customers and partners	Win/loss and procurement data
Pricing/implementation	No public pricing	Price book and deal-desk data

Financial-crime software market map Financial-crime software market map

Qualitative analyst positioning from public pages.

Chapter 05

05Marketing, Sales, and Distribution

Enterprise and partner-led GTM is visible, while conversion and sales efficiency are private.

EC-008 EC-022

V.A Strategy and implementation

partially verified confidence: medium

Public GTM uses direct demos, enterprise vertical messaging, events and partner programs; budgets and conversion are private.

EC-022 EC-008

Evidence gaps

Private data-room evidence is required for full V.A checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for strategy and implementation.

Distribution channels and GTM motions
Channel	Segment	Gap
Direct enterprise demo	Global financial institutions	Conversion and ACV
Delivery/reseller partners	Global partner network	Partner-sourced ARR and margins
Strategic networks	Card/payment networks and large banks	Commercial terms and pipeline

Public marketing-signal summary
Signal	Example	Caveat
Thought leadership/events	Risk reports, Feedzai Fusion banner	Reach and conversion private
Press releases	KKR, Mastercard, Railgun/Fairband	PR does not prove bookings
Partner marketing	Certified delivery, reseller, data/tech integration programs	Budget and ROI private

Enterprise GTM funnel with public gaps Enterprise GTM funnel with public gaps

V.B Major Customers

partially verified confidence: medium

Major-customer health is not verifiable beyond selected public case studies.

EC-007 EC-020

Evidence gaps

Private data-room evidence is required for full V.B checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for major customers.

V.C Principal avenues for generating new business

partially verified confidence: medium

New business appears to come from direct enterprise and partner-led channels; productivity is private.

EC-022 EC-008

Evidence gaps

Private data-room evidence is required for full V.C checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for principal avenues for generating new business.

V.D Sales force productivity model

partially verified confidence: medium

Sales compensation, quota, cycle length and productivity are not public.

EC-019

Evidence gaps

Private data-room evidence is required for full V.D checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for sales force productivity model.

V.E Ability to implement marketing plan with current and projected budgets

not publicly verifiable confidence: low

Marketing budget sufficiency cannot be verified publicly.

EC-019

Evidence gaps

Private data-room evidence is required for full V.E checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for ability to implement marketing plan with current and projected budgets.

Chapter 06

06Research and Development

Research, patents and AI initiatives are public signals needing production validation.

EC-011 EC-012 EC-013

VI.A Description of R&D organization

partially verified confidence: medium

Research areas, leadership and patents are public; R&D budget and staffing are private.

EC-011 EC-012 EC-014

Evidence gaps

Private data-room evidence is required for full VI.A checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for description of r&d organization.

Key R&D personnel and organization
Name/function	Role	Request
Pedro Bizarro	Co-founder and Chief Science Officer	Confirm R&D responsibilities and succession
Feedzai Research	AI, visualization, systems research	R&D headcount, budget, roadmap
Engineers and data scientists	Patent-generating teams	Patent assignments and invention agreements

VI.B New Product Pipeline

partially verified confidence: medium

Railgun, Fairband and TRUST provide public pipeline signals; adoption, costs and benchmarks are private.

EC-013 EC-012

Evidence gaps

Private data-room evidence is required for full VI.B checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for new product pipeline.

Public product and research pipeline
Initiative	Status	Private ask
Railgun	Announced fraud-detection engine	Adoption, benchmarks, economics
Fairband	AI fairness framework	Validation and customer use
TRUST framework	Responsible-AI research framework	Operational controls and audits

Public patent-family sample count Public patent-family sample count

Counts are from public patent-notice page excerpt, not full patent-office search.

Chapter 07

07Management and Personnel

Founder-led leadership and active hiring are public; full org, incentives and turnover are private.

EC-014 EC-015 EC-024

VII.A Organization Chart

partially verified confidence: medium

Public leadership page is not a full organization chart.

EC-014

Evidence gaps

Private data-room evidence is required for full VII.A checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for organization chart.

Public leadership org chart Public leadership org chart

Reporting lines are inferred from executive roster, not official.

VII.B Historical and projected headcount by function and location

partially verified confidence: medium

Hiring pages and a 2017 plan provide staffing anchors, not current headcount.

EC-002 EC-015

Evidence gaps

Private data-room evidence is required for full VII.B checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for historical and projected headcount by function and location.

Headcount and hiring signals
Signal	Value	Caveat
2017 planned employees	300 by end-2017 plan	Historical plan, not current headcount
2026 observed job links	39 job-description links; 26 Portugal mentions in extraction	Open roles are not headcount
Benefits/remote work	Training, well-being, flexible/remote, leave, health insurance	Cost/utilization private

Headcount and hiring public anchors Headcount and hiring public anchors

Open roles are not employees.

VII.C Senior management biographies

partially verified confidence: medium

Senior management names and roles are public; detailed biographies and references require diligence.

EC-014

Evidence gaps

Private data-room evidence is required for full VII.C checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for senior management biographies.

Senior management roster
Name	Role	Caveat
Nuno Sebastião	Co-Founder, Chairman, CEO	Tenure/compensation private
Pedro Bizarro	Co-Founder, Chief Science Officer	Retention and succession private
Pedro Barata; David Larson; Ana Sousa; Julie O’Brien; Mariana Jordão; Patrícia Marques Ferreira; Carlos Neves	Product, finance, people, marketing, operations, legal, customer success	Detailed scope private

VII.D Compensation arrangements

partially verified confidence: medium

Compensation arrangements are private.

EC-024

Evidence gaps

Private data-room evidence is required for full VII.D checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for compensation arrangements.

Personnel, compensation and turnover gaps
Topic	Public evidence	Private data needed
Executive compensation	No terms found	Agreements, bonus, severance
Incentive stock/options	No option ledger found	Equity plan, grants, 409A
Turnover/employee relations	Careers/benefits pages only	Attrition, HR matters, engagement

VII.E Incentive stock plans

not publicly verifiable confidence: low

Incentive stock plans and option economics are private.

EC-021 EC-024

Evidence gaps

Private data-room evidence is required for full VII.E checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for incentive stock plans.

VII.F Significant employee relations problems, past or present

not publicly verifiable confidence: low

Employee-relations matters are not publicly verifiable.

EC-024

Evidence gaps

Private data-room evidence is required for full VII.F checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for significant employee relations problems, past or present.

VII.G Personnel Turnover

not publicly verifiable confidence: low

Turnover is not public; open roles do not prove growth.

EC-015 EC-024

Evidence gaps

Private data-room evidence is required for full VII.G checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for personnel turnover.

Chapter 08

08Legal and Related Matters

No obvious public litigation/regulatory red flags were found in limited searches, but legal, privacy, IP and contract diligence remains essential.

EC-012 EC-016 EC-017 EC-018 EC-025

VIII.A Pending lawsuits against the Company

inconclusive confidence: medium

Limited CourtListener opinion search found no Feedzai results, but pending litigation is not cleared.

EC-017

Evidence gaps

Private data-room evidence is required for full VIII.A checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for pending lawsuits against the company.

Public lawsuits and legal-search results
Matter	Public result	Status
Lawsuits against Feedzai	CourtListener opinion count 0	inconclusive
Lawsuits initiated by Feedzai	No public opinions identified	inconclusive
Arbitration/threatened/foreign claims	not_publicly_verifiable	private counsel required

VIII.B Pending lawsuits initiated by Company

inconclusive confidence: medium

Company-initiated litigation is not cleared by public opinion search.

EC-017

Evidence gaps

Private data-room evidence is required for full VIII.B checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for pending lawsuits initiated by company.

VIII.C Environmental and employee safety issues and liabilities

not publicly verifiable confidence: low

Software-company EHS exposure appears lower than manufacturing but local workplace records are private.

EC-025

Evidence gaps

Private data-room evidence is required for full VIII.C checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for environmental and employee safety issues and liabilities.

VIII.D Material patents, copyrights, licenses, and trademarks

partially verified confidence: medium

Patent assets are public; assignments, trademarks and OSS obligations require legal review.

EC-012

Evidence gaps

Private data-room evidence is required for full VIII.D checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for material patents, copyrights, licenses, and trademarks.

Material IP and patent assets
Asset	Number	Caveat
Adaptive threshold estimation	US11477220	Confirm assignment/maintenance
Compromise detection / model monitoring / streaming	Multiple US/EP entries listed	Confirm family status and product coverage
Fairness/explainability inventions	US11734612, US11544471, US11392954 examples	Confirm assignments and OSS dependencies

VIII.E Insurance coverage and material exposures

not publicly verifiable confidence: low

Insurance coverage is private.

EC-025

Evidence gaps

Private data-room evidence is required for full VIII.E checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for insurance coverage and material exposures.

VIII.F Material contracts

not publicly verifiable confidence: low

Material customer, cloud, partner and DPA terms are private.

EC-008 EC-016 EC-023 EC-025

Evidence gaps

Private data-room evidence is required for full VIII.F checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for material contracts.

VIII.G Regulatory agency problems

inconclusive confidence: medium

No CFPB result was found and EDGAR no-match supports no obvious public filing, but regulatory clearance is incomplete.

EC-018 EC-016

Evidence gaps

Private data-room evidence is required for full VIII.G checklist coverage.

Hidden risks

Public evidence may not reflect private contracts, economics, controls or current operating performance.

Follow-up questions

Provide source documents and management/counsel confirmation for regulatory agency problems.

Regulatory, contract, privacy, insurance and safety exposure summary
Exposure	Public evidence	Request
CFPB/SEC public checks	No CFPB result; EDGAR no matching company observed	Regulatory correspondence and counsel searches
Privacy/data-processing contracts	Controller/processor policy language	DPAs, subprocessors, incidents, audits
Contracts/insurance/safety	not_publicly_verifiable	MSAs, SLAs, indemnities, cyber/E&O/D&O, EHS

Legal and regulatory public-evidence timeline Legal and regulatory public-evidence timeline

Feedzai public diligence risk heatmap Feedzai public diligence risk heatmap

Evidence

Evidence claims
ID	Claim	Status	Sources
EC-001	Feedzai reached unicorn valuation in 2021, while exact $1.3B and current value remain unreconciled.	partially verified high	SRC-001 SRC-002 SRC-003
EC-002	Feedzai disclosed prior venture rounds and investors before the unicorn round.	verified medium	SRC-004 SRC-005 SRC-030
EC-003	Public evidence indicates active operations and no obvious U.S. public-filer status, but private-company eligibility needs counsel confirmation.	partially verified medium	SRC-006 SRC-017 SRC-018 SRC-025
EC-004	Feedzai markets a unified AI RiskOps platform for identity, fraud and AML.	verified medium	SRC-006
EC-005	Feedzai claims major financial-institution scale and named customers.	partially verified medium	SRC-002
EC-006	Feedzai publishes selected product-performance claims.	partially verified medium	SRC-006 SRC-007
EC-007	Selected customer stories report positive outcomes but not full revenue quality.	partially verified medium	SRC-008 SRC-009 SRC-010 SRC-011
EC-008	Feedzai has public strategic partnerships and partner programs.	partially verified medium	SRC-012 SRC-013 SRC-014 SRC-030
EC-009	Multiple vendors compete with Feedzai in fraud, AML and financial-crime software.	verified medium	SRC-026 SRC-027 SRC-028 SRC-029
EC-010	Feedzai pricing and unit economics are not publicly disclosed.	not publicly verifiable low	SRC-006 SRC-014
EC-011	Feedzai maintains a public research presence.	verified medium	SRC-018
EC-012	Feedzai publicly lists granted patents and pending applications.	partially verified medium	SRC-019
EC-013	Railgun and Fairband are public AI/R&D initiatives requiring validation.	partially verified medium	SRC-020 SRC-021
EC-014	Feedzai publishes a senior leadership roster.	verified medium	SRC-016
EC-015	Public hiring signals show active recruitment but not true headcount.	verified medium	SRC-017
EC-016	Feedzai privacy notice describes controller and processor roles.	verified medium	SRC-022
EC-017	Limited public litigation search did not identify Feedzai opinions.	inconclusive low	SRC-023
EC-018	Limited regulator/public-filer searches found no obvious Feedzai results but are incomplete.	inconclusive low	SRC-024 SRC-025
EC-019	Core financial metrics are not publicly verifiable.	not publicly verifiable low	SRC-002 SRC-006 SRC-017
EC-020	Customer concentration, churn and revenue by customer are not public.	not publicly verifiable low	SRC-002 SRC-008 SRC-009 SRC-010 SRC-011
EC-021	Capital-structure details are not public.	not publicly verifiable low	SRC-002 SRC-005
EC-022	Feedzai GTM uses direct demo, enterprise vertical and partner-led channels.	partially verified medium	SRC-006 SRC-014
EC-023	AWS is a named cloud partner and potential infrastructure dependency.	verified medium	SRC-015
EC-024	Compensation, turnover and employee-relations data are not public.	not publicly verifiable low	SRC-017
EC-025	Insurance, material contracts and several legal exposures are not public.	not publicly verifiable low	SRC-014 SRC-015 SRC-022 SRC-023 SRC-024
EC-026	Company data cited sharp 2020 increases in online financial-crime attacks.	partially verified medium	SRC-002

Sources
ID	Publisher	Title	Accessed
SRC-001	Wikipedia	Wikipedia unicorn table candidate context	2026-06-05
SRC-002	Feedzai	Feedzai raises $200 million growth investment led by KKR	2026-06-05
SRC-003	TechCrunch	TechCrunch: Feedzai raises $200M at a $1B+ valuation	2026-06-05
SRC-004	Feedzai	Feedzai raises $17.5 million Series B	2026-06-05
SRC-005	Feedzai	Feedzai raises $50 million Series C	2026-06-05
SRC-006	Feedzai	RiskOps platform	2026-06-05
SRC-007	Feedzai	About Feedzai	2026-06-05
SRC-008	Feedzai	Customer stories	2026-06-05
SRC-009	Feedzai	CoreCard customer story	2026-06-05
SRC-010	Feedzai	STET customer story	2026-06-05
SRC-011	Feedzai	Wio Bank customer story	2026-06-05
SRC-012	Feedzai	Mastercard and Feedzai scams collaboration	2026-06-05
SRC-013	Feedzai	Feedzai and Mastercard crypto fraud protection	2026-06-05
SRC-014	Feedzai	Feedzai channel partners	2026-06-05
SRC-015	Feedzai	Feedzai AWS partner page	2026-06-05
SRC-016	Feedzai	Feedzai leadership	2026-06-05
SRC-017	Feedzai Careers	Feedzai careers all jobs	2026-06-05
SRC-018	Feedzai Research	Feedzai Research	2026-06-05
SRC-019	Feedzai Research	Feedzai granted patents	2026-06-05
SRC-020	Feedzai	Feedzai Railgun release	2026-06-05
SRC-021	Feedzai	Feedzai Fairband release	2026-06-05
SRC-022	Feedzai	Feedzai privacy notice	2026-06-05
SRC-023	CourtListener	CourtListener Feedzai search	2026-06-05
SRC-024	Consumer Financial Protection Bureau	CFPB enforcement actions Feedzai filter	2026-06-05
SRC-025	SEC	SEC EDGAR company search for Feedzai	2026-06-05
SRC-026	NICE Actimize	NICE Actimize	2026-06-05
SRC-027	FICO	FICO Falcon Fraud Manager	2026-06-05
SRC-028	SAS	SAS Fraud Management	2026-06-05
SRC-029	ComplyAdvantage	ComplyAdvantage	2026-06-05
SRC-030	Feedzai	Citi Ventures strategic investment in Feedzai	2026-06-05

Disclaimer

This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.