SAN DIEGO, July 05, 2017 (GLOBE NEWSWIRE) — PointPredictive, the fast-growing machine learning company that solves the billion-dollar problems of auto, mortgage and retail lending fraud, announced the successful closing of Series A funding earlier this month. Mosaik Partners, an expansion-stage venture capital fund, led the funding round as part of its initiative to invest in commerce-enabling technology companies.
“With fraud losses reaching historically high levels here in the US, we believe PointPredictive’s technology and consortium approach will become the standard in lending fraud detection,” said Miles Kilburn, Partner at Mosaik. “What interested us in PointPredictive is that they have a proven management team, differentiated technology, a working solution that delivers a compelling ROI to their clients, and explosive growth potential with lenders lining up to participate. This fits right in with our investment profile.”
As part of the funding, Mosaik will take a minority interest in PointPredictive. Additionally, Miles Kilburn will join the Board of Directors of PointPredictive to help the company continue to grow strategically.
PointPredictive will use the funding to respond to the growing demand for Auto Fraud Manager and Dealer Trace – solutions that help lenders uncover fraud patterns through a collaborative data consortium and machine learning. PointPredictive estimates between $4 to 6 billion in auto loan applications may have misrepresentations that lead to default and chargeoff. Auto Fraud Manager and Dealer Trace helps curb those losses by leveraging sophisticated algorithms that scan and score applications prior to loans being funded.
“Auto lenders want to collaborate to stop fraud,” says Tim Grace, CEO and President of PointPredictive. “In the last six months, we’ve seen tremendous interest in our solution and we need to respond now to help lenders stop auto lending fraud. Mosaik Partners is the perfect investor – they understand our technology and have worked in our space for years. We’re using the funding to increase our team of fraud scientists, fraud experts and industry thought leaders that will help us revolutionize fraud detection in auto lending and beyond.”
For more information on PointPredictive, please contact Kathleen Waid email@example.com
About PointPredictive, Inc.
PointPredictive, Inc. is a leading provider of fraud solutions to banks, lenders and finance companies. It solves the billion-dollar fraud problems of auto lending, mortgage lending and retail fraud with the latest technology platforms, smarter science and business experience by leveraging big data with analytic models. Located in San Diego, CA, more information about PointPredictive can be found at www.pointpredictive.com
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Source: Nasdaq Automotive News