Visa has signed a definitive agreement to acquire British AI-powered financial fraud fighting outfit Featurespace for an undisclosed sum.
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Founded in 2008, Cambridge-headquartered Featurespace counts dozens of major financial institutions – including HSBC and NatWest – among the clients for its machine learning-based fraud detection technology. It has raised around $100 million from investors, including Mike Lynch, the technology entrepreneur who recently died on his yacht.
Visa says the acquisition will complement and strengthen its portfolio of fraud detection and risk-scoring solutions, enabling clients to protect the payments ecosystem using AI-fuelled technology.
In August, Sky News reported that talks about an acquisition were underway at a £700 million price tag. The deal is slated is closed in 2025, subject to customary closing conditions, including regulatory approval.
Antony Cahill, global head, value-added services, Visa, says: “Featurespace’s strong foundation in AI will enhance our existing product portfolio and enable us to address our clients’ most complex and pressing challenges.”
