Visa reached an agreement to acquire Featurespace, a company specializing in artificial intelligence-driven enterprise technology.
Visa has announced its acquisition of Featurespace, a company specializing in AI technology aimed at combating fraud and financial crime, for an undisclosed sum, as reported on Thursday.
Major technology firms are competing to integrate artificial intelligence into their offerings, resulting in a heightened demand for AI chips, services, and machine learning solutions.
According to Visa, the AI-driven tools provided by Featurespace will enable its clients to effectively manage fraud in real time and enhance the security of its payment ecosystem.
Although the financial details of the acquisition remain undisclosed, a report from Sky News last month suggested that the deal could be valued at approximately £700 million ($935.06 million).
Established in 2008 and based in Cambridge, UK, Featurespace employs over 400 individuals and operates from six locations worldwide. Its clientele includes prominent banking and payment organizations such as HSBC, NatWest, and Worldpay.