Visa is to acquire RegTech Featurespace, developer of real-time artificial intelligence payments protection technology, in a deal worth a reported 拢700 million.
Since its inception out of Cambridge University鈥檚 engineering department, Featurespace has developed algorithmic-based solutions to analyse transaction data and detect elusive fraud cases.
It counts the likes of HSBC, NatWest and Worldpay among its clients.
The value of the deal was undisclosed but a recent Sky News report suggested it could come in around 拢700m.
鈥淥ver the past 12 years we have served the financial services industry, building a company that has gone from strength to strength, and we are thrilled to become a part of Visa,鈥� said Dave Excell, founder of Featurespace.
鈥淲ith Visa, we can bring the innovation, integrity and purpose of our platform and our team to more payment service providers and ultimately, stop more people from becoming victims of financial crime.鈥�
Martina King, CEO of Featurespace (pictured, main image), told 老九品茶Cloud executive editor Chris Maguire recently that 鈥淚 measure the quality of my day by the number of belly laughs I鈥檝e had鈥�.
Payments processor Visa says the acquisition will complement and strengthen its portfolio of fraud detection and risk-scoring solutions used by clients around the world to grow and protect their businesses.
鈥淧roviding our clients with solutions that can adapt to and anticipate the changing threat landscape is of the utmost importance,鈥� said Antony Cahill, global head of value-added services at Visa.
鈥淔eaturespace’s strong foundation in AI will enhance our existing product portfolio and enable us to address our clients鈥� most complex and pressing challenges. We look forward to welcoming the Featurespace team to Visa.鈥�
The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals, and聽expected to close in fiscal year 2025.