September 2024: Top five AI stories of the month
The topic of artificial intelligence (AI) continues to dominate headlines and narratives throughout the world of fintech. Here, we take a look back at five of the top AI stories from September, featuring Metro Bank, Marqeta, Visa, Featurespace and more.
Mastercard puts down $2.65bn for AI-powered threat intelligence platform Recorded Future
Mastercard to acquire Recorded Future for $2.65bn
Mastercard has inked a deal to purchase US-based threat intelligence platform Recorded Future for $2.65 billion.
The proposed deal with Insight Partners, which first acquired Recorded Future in 2019 for $780 million, is expected to close by Q1 2025, subject to regulatory approval and closing conditions.
If completed, the acquisition will join Mastercard’s identity, fraud prevention, real-time decisioning, and cybersecurity services, bringing with it “expanded threat intelligence capabilities” for the buyer’s merchant and financial network.
Metro Bank partners Infosys to boost digital transformation with AI
Metro Bank has entered into a “long-term” collaboration with Indian digital services provider Infosys to enhance certain IT and support functions and digitise its business operations with AI.
The UK bank is to leverage Infosys Topaz which, launched last year, integrates both applied AI and generative AI into a suite of services, solutions and platforms aimed at creating operational efficiencies for businesses.
The company says the offering will enable Metro Bank to “enhance its digital capabilities, improve automation, refine data, and embed further AI capabilities”.
Former Capital One VP Fouzi Husaini joins Marqeta as chief AI officer
Marqeta’s new head of AI, Fouzi Husaini (Image: LinkedIn)
US-based card issuing platform Marqeta has named Fouzi Husaini as its new chief artificial intelligence officer.
Husaini has been tasked with “scaling Marqeta’s AI organisation”, leveraging his more than 25 years of experience to enhance “purchasing power for all by reducing risk and improving consumer and commercial rewards, while also helping accelerate our pace of innovation”.
His appointment comes as Marqeta places greater emphasis on its AI and machine learning features. Last year, the company announced its initial investments in generative AI, including Marqeta Docs AI, an AI-powered Q&A tool.
Scienaptic AI co-founder steps down to launch new venture, Algebrik AI
Pankaj Jain has stepped down as the president of Scienaptic AI to spearhead the launch of his latest venture, Algebrik AI Inc.
The former Oracle director co-founded Scienaptic AI in 2016 to serve as an AI-powered credit decisioning engine for banks, credit unions, fintechs and other community-focused lenders.
However, Jain has now confirmed that he will be “rolling off from my role here to do something new”, as per a recent LinkedIn post, and will depart the firm at the end of this month.
In an interview with FinTech Futures, Jain confirms that his new company will ascend as a “natural extension” of Scienaptic AI, serving as an AI-powered lending technology layer for existing loan origination systems.
Visa to buy AI-powered fraud detection firm Featurespace
Visa to acquire Featurespace in FY 2025
Visa has signed a definitive agreement to acquire UK-based fraud detection firm Featurespace for its portfolio of fraud detection and risk-scoring solutions.
IP Group, which is currently Featurespace’s largest shareholder having invested £22.9 million over several financing rounds, says it expects to receive £134 million from the deal, which is expected to close in FY 2025.
Visa says the addition of Featurespace to its fraud detection portfolio will enable its clients to “manage fraud in real-time and further protect the payments ecosystem using AI-fueled solutions”.
