Visa’s acquisition of RegTech Featurespace, developer of real-time artificial intelligence payments protection technology, has now completed.
The deal is worth a reported £700 million.
Since its inception out of Cambridge University’s 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 Featurespace business, led by CEO Martina King, will become part of Visa’s risk and identity solutions business unit.
Visa says the addition will give its customers access to enhanced fraud protection services to help keep their businesses safe and secure, including real-time detection of sophisticated fraud attacks.
“We developed our innovations to help crack even the most complex fraud cases. As part of Visa, we will be able to set a new standard in AI-powered fraud prevention and integrate our solutions into a series of products and services that will help make the world a safer place to transact,” said Dave Excell, founder of Featurespace.
Antony Cahill, president, value-added services at Visa, added: “We are thrilled to welcome Featurespace to Visa. Both our companies have been at the forefront of using AI to solve longstanding challenges and pain points in the payments industry.
“Together, we will offer a valuable combination of cutting-edge technology and industry expertise to help our clients continue to grow amidst an increasingly complex threat landscape.”
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