Visa (NYSE: V) announced it has signed a definitive agreement to acquire Featurespace, a Cambridge, UK-based developer of real-time artificial intelligence (AI) payments protection technology.
The amount of the deal was not disclosed. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals. It is expected to close in fiscal year 2025 and will provide significant benefits to financial institutions, consumers, and the wider payments industry.
The acquisition of Featurespace will complement and strengthen Visa’s portfolio of fraud detection and risk-scoring solutions used by clients around the world to grow and protect their businesses.
Led by Dave Excell, Founder, Featurespace is a leader in enterprise technology that prevents fraud and financial crime. It helps banks and financial institutions protect customers, reducing risk and business operating costs by providing machine learning, fraud and financial crime prevention solutions via its platform.
Over 80 direct customers and 100,000 businesses have used Featurespace’s technology including HSBC, NatWest, TSYS, Worldpay, Danske Bank, Akbank, Edenred and Permanent TSB.
Featurespace was backed by global investors including Chrysalis Investments, Highland Europe, IP Group plc, Insight Partners, MissionOG, and TTV Capital.
FinSMEs
26/09/2024