Per Reuters, Visa has announced the acquisition of AI-focused company Featurespace, which specializes in developing technology to combat fraud and financial crime. The world’s largest payments processor revealed the deal on Thursday, although the terms of the agreement were not disclosed. The acquisition comes at a time when top technology companies are racing to incorporate artificial intelligence into their products and services, fueling a surge in demand for AI-based solutions and machine learning technology.
Visa stated that Featurespace’s AI-enabled tools will bolster its ability to help clients detect and manage fraud in real time, thus protecting its vast global payment network. While the financial details remain confidential, a recent report from Sky News suggested that the deal could be valued at around £700 million ($935 million), according to unnamed sources.
Related: Justice Department Sues Visa for Allegedly Stifling Rivals and Inflating Fees
Founded in 2008 and based in Cambridge, UK, Featurespace has grown into a global leader in fraud detection and risk management. The company employs over 400 staff members across six international offices and serves some of the world’s top financial institutions, including HSBC, NatWest, and Worldpay, per Reuters. By leveraging its advanced machine learning technology, Featurespace helps its clients proactively defend against evolving threats in the payments and banking sectors.
Source: Reuters
Featured News
Musk’s X Requests Brazil Supreme Court to Resume Service After Shutdown
Sep 26, 2024 by
CPI
Visa Acquires AI Firm Featurespace to Enhance Fraud Prevention
Sep 26, 2024 by
CPI
Visa Gears Up for Legal Fight with DOJ Over Debit Card Monopoly Allegations
Sep 26, 2024 by
CPI
UFC Fighters’ Lawsuit Settlement Resurfaces with $375 Million Offer
Sep 26, 2024 by
CPI
Ex-Amazon Seller Appario Files Lawsuit to Dismiss Antitrust Allegations
Sep 26, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández