Major payment company visa plans to acquire Featurespace, a company specializing in artificial intelligence (AI) technology for real-time payment fraud prevention.
The acquisition is intended to strengthen Visa’s fraud detection and risk management capabilities, which are used by financial institutions and businesses around the world to protect their transactions.
Founded in 2008 at the University of Cambridge, Featurespace has developed AI-driven algorithms that can detect complex fraud patterns within transaction data.
Visa plans to integrate this technology into its existing suite of security solutions to strengthen fraud prevention across the payments ecosystem.
Featurespace has over 80 direct customers including HSBC, NatWest, Worldpay and Danske Bank.
Its technology is used by approximately 100,000 companies around the world.
Backed by investors including Chrysalis Investments, Highland Europe and Insight Partners, Featurespace operates globally from six locations and employs approximately 400 people.
The transaction is expected to close in 2025, subject to regulatory approval.
Anthony Cahill, Global Head of Value-Added Services at Visa, said:
“Providing our clients with solutions that can adapt and anticipate the changing threat landscape is paramount.
Featurespace’s strong foundation in AI enhances our existing product portfolio and enables us to address our clients’ most complex and pressing challenges. ”
Dave Excell, founder of Featurespace, added:
“Over the past 12 years, we have contributed to the financial services industry and built an increasingly strong company, and we are excited to join Visa.
Visa allows us to bring the innovation, integrity, and purpose of our platform and our team to more payment service providers, ultimately helping more people become victims of financial crime. can be prevented. ”
