Searchspace, a provider of fraud detection and anti-money laundering software, has received a $5.5 million investment from Scottish Equity Partners.
Founded in 1993 as a spin-out from University College London, Searchspace supplies risk montitoring systems that detect fraudulent and money laundering activity. Its clients include Barclays Bank, The Bank of New York, The Royal Bank of Scotland, UBS, Wells Fargo and the London Stock Exchange.
The $5.5 million investment is the second phase of a total funding round of $20.5 million. In the first phase, which completed in February this year, Searchspace raised $15 million in a round led by venture capital firm 3i.
The vendor says the funds will be used to drive growth in key European and North American financial markets.
Jason Kingdon, CEO of Searchspace, adds: "This additional funding will allow us to accelerate our product development programme in order to take advantage of the growing demand for next generation anti money laundering and fraud detection products within the financial services market."