Visa Pursues Acquisition Of UK’s Featurespace For Advanced Fraud Detection

According to reports, Digital payments company Visa is in advanced talks about possibly buying British fraud detection firm Featurespace for millions.

The deal might be valued at over, £700 million, according to sources who know about it but haven’t been named. However, it was reported that some insiders think the final amount might be much less.

The sources also revealed that a final deal has not been reached, and the agreement is on the brink of being called off.

Featurespace Supplies Tools For Financial Institutions To Ensure Their Customers’ Safety

The reports about the possible deal arrived just days after Mike Lynch, the firm’s ex-non-executive director and tech investor, passed on when his superyacht went down off the coast of Sicily. Lynch’s investment company Invoke Capital, owns a tiny portion of share in Featurespace.

Featurespace noted that there is a high chance that it wouldn’t be a successful technology firm without Mike. It added that the company’s co-founders Dave Excell and Professor Bill Fitzgerald were motivated by Mike’s blend of intelligence and business sense.

The firm stated that the co-founders gained from Mike’s guidance and friendship. His stake in Featurespace helped create an invention that has been very important for AI progress, and he worked as a Non-Executive Director for more than a decade from 2008 to 2019.

Featurespace was founded in 2008 and it provides enterprise technology that helps to fight against financial crime and fraud. The company gives financial institutions and banks the power to protect customers.

It also helps to reduce business expenses and risks by providing financial crime prevention, fraud, and machine learning tools via its ARIC Risk Hub.

Featurespace Launched ARIC Scam Detect To Protect Against Scams

The company has also created Automated Deep Behavioral and Adaptive Behavioral Analytics to fight financial crime and fraud. The Automated Deep Behavioral system provides extra security against card and payment fraud, account takeover, and scams.  The firm’s clients include Danske Bank, Akbank, Contis, Worldpay, TSYS, NatWest, and HSBC.

In 2023, Featurespace introduced ARIC Scam Detect to keep the financial services sector and its customers safe from the ongoing threat of scams.

Using its Adaptive Behavioral Analytics, ARIC Scam Detect gives the industry the tools to continuously adjust and be one step ahead of all kinds of fraudsters in real-time.

A few weeks ago, PAYSTRAX teamed up with Featurespace to tighten security and fight against fraud. PAYSTRAX is a Payment solutions company for merchants in the UK and the European Union.

A month ago, the fraud detection firm announced that it had collaborated with OrboGraph, a provider of check processing and fraud detection solutions. The goal of this partnership is to boost security measures against check fraud in the financial industry.