Visa has announced plans to acquire Featurespace, a company specialising in real-time AI-driven payment protection technology that prevents and reduces fraud and financial crime. Through this acquisition, Visa aims to improve its existing fraud detection and risk management tools, as well as help its clients secure and expand their operations. The financial details of the deal were not disclosed.

Featurespace was developed by the engineering departments of Cambridge University. Since its inception, the company has innovated algorithmic-based solutions that analyse transaction data and detect even the most challenging fraud cases. Its client base includes prominent payments and banking institutions such as HSBC, NatWest, and Worldpay.

Antony Cahill, Visa’s Global Head of Value-added Services, said Visa’s top priority is to provide adaptable and proactive solutions to its clients. “Featurespace’s strong foundation in AI will enhance our existing product portfolio and enable us to address our clients’ most complex and pressing challenges. We look forward to welcoming the Featurespace team to Visa.”

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Dave Excell, Founder of Featurespace, stated that the company works to support the financial services sector continuously. He aims to expand their innovative platform to reach more payment providers and protect more individuals from becoming victims of financial crimes.