Visa is reportedly in “advanced negotiations” to acquire Featurespace, a British company specializing in financial fraud detection, for £700 million, according to Sky News. While discussions are ongoing, a formal agreement has not yet been reached.
Founded in 2008 and based in Cambridge, Featurespace serves numerous major financial institutions, including HSBC and NatWest, with its machine learning-based fraud detection technology. The company has secured around $100 million in funding from various investors, notably including the late technology entrepreneur Mike Lynch, who passed away recently.
In a tribute to Lynch, Featurespace stated on its website, “It is a high statistical probability that Featurespace wouldn’t be a thriving technology company without Mike.”
For further insights into the evolving challenges and opportunities in artificial intelligence within the banking sector, consider registering for Finextra’s inaugural NextGenAI conference, scheduled for November 26, 2024.