Visa Acquires Featurespace in £700M Deal
Hey FinTech Fanatic!
Visa has completed its acquisition of Featurespace, a developer of real-time AI payments protection technology. The acquired company's capabilities will be integrated into Visa's range of fraud prevention and risk-scoring offerings, combining both companies' products and tools to enhance fraud protection services.
Antony Cahill, President, Value-Added Services at Visa shared the vision: "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." Featurespace's founder, Dave Excell added: "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."
The Featurespace business will be incorporated into Visa's Risk and Identity Solutions business unit, with their product portfolio being integrated into Visa's existing offering over the coming months.
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