Visa (NYSE:V) has agreed to acquire Featurespace, a company specializing in AI-powered technology for preventing fraud and financial crime, for an undisclosed sum.
The deal, announced on Thursday, underscores Visa's strategic focus on bolstering security across its payment ecosystem by integrating advanced artificial intelligence solutions.
Featurespace, founded in 2008 and headquartered in Cambridge, UK, develops enterprise-level technology that helps detect and prevent fraudulent activity in real-time.
Its AI-enabled tools are designed to protect businesses and financial institutions from cybercrime and fraud.
Visa believes the acquisition will strengthen its ability to support clients in managing fraud risks while enhancing the security of its global payment network.
Although Visa has not disclosed the financial terms of the acquisition, a report from Sky News last month suggested that the deal could be valued close to £700 million ($935 million).
Featurespace currently serves top-tier clients such as HSBC, NatWest, and Worldpay, and operates from six global locations with a workforce of over 400 employees.