Feedzai Acquires Demyst to Boost AI-Powered Financial Crime Prevention Capabilities

Feedzai, a global leader in artificial intelligence-based financial crime prevention, has announced the acquisition of Demyst, the data technology company behind the Zonic platform. The Portugal-based firm said the acquisition will strengthen its AI-driven fraud and financial crime detection services, which cater predominantly to banks and payment service providers. While the companies did not disclose the financial terms of the transaction, both highlighted the strategic importance of the move.

According to Feedzai, the acquisition represents a major step toward unifying data orchestration and risk management under a single system. “This strategic move is part of Feedzai’s vision […] providing financial institutions with the real-time data, analytics, and trusted artificial intelligence they need,” the company said in an official statement.

Feedzai’s RiskOps platform currently leverages AI to identify fraud and financial crime in real time by analyzing variables such as customer identity, credit history, behavioral patterns, and network activity. With the integration of Demyst’s Zonic platform, Feedzai plans to streamline how external data is utilized, especially in the areas of compliance and credit evaluations. The automation enabled by Zonic is expected to speed up customer onboarding processes, minimize false positives, and enhance monitoring precision.

Commenting on the acquisition, Feedzai’s CEO and co-founder, Nuno Sebastiao, underscored the challenge of working with vast data sources in the financial industry. “There is no shortage of data in our industry — the trick is how to access the right data as quickly as possible,” Sebastiao said. He praised Demyst as a “first mover and leader in accessing necessary data,” and noted that the acquisition marks a strategic evolution for Feedzai, shifting it “from a data consumer to a data provider.”

Demyst’s CEO, Mark Hookey, who will stay on with Feedzai alongside key members of his team, expressed excitement about the partnership. “We’re thrilled to join Feedzai to bring AI and data together at scale,” Hookey said. “Together we are building the most advanced solution for customer onboarding, fraud prevention, and risk management.”

Feedzai plans to deploy the combined system on a global scale, aiming to significantly enhance fraud detection capabilities and reduce the proliferation of mule accounts and scams. Another key advantage of the integration will be empowering non-technical users to manage data workflows independently, without the need to rely heavily on IT departments.

By fLEXI tEAM