This post was originally published on Finextra (Security)
Visa is in talks with Featurespace about a £700 million acquisition of the British financial fraud fighting outfit, according to Sky News.
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Payments giant Visa is in “advanced negotiations” with Cambridge-headquartered Featurespace about a takeover, says Sky. However, a deal is not yet formally agreed.
Founded in 2008, Featurespace counts dozens of major financial institutions – including HSBC and NatWest – among the clients for its machine learning-based fraud detection technology.
It has raised around $100 million from investors, including Mike Lynch, the technology entrepreneur who died on his yacht last week.
In a tribute to Lynch on its website, Featurespace wrote: “It is a high statistical probability that Featurespace wouldn’t be a thriving technology company without Mike.”
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