Digital Payments platform PayPal
Holdings Inc. signed a deal to acquire Palo Alto based Simility Inc., fraud
prevention and risk management platform, for $120 Million in cash. The
acquisition will allow PayPal to roll out new fraud prevention features to
merchants.
Features such as fraudulent payment
activity prevention, risk management and transaction verification will soon be
introduced on the merchant’s online dashboard. PayPal has been at the
forefront of developing innovative fraud prevention and risk management
solutions for nearly 20 years and now merchants will be able to configure those
solutions to manage the unique complexities of their businesses.
Simility, which was founded in
2014, has raised more than $20 million till date from Accel Partners and
California-based investors, including Trinity Ventures and The Valley Fund. It
caters to clients in banking and financial services, online marketplaces and
classifieds, payment services providers, and e-commerce among others.
PayPal,
which had launched its domestic operations in India in November 2017, offers
payments products to both consumers and businesses. It also made an investment
in Noida-based digital retail payment platform Pine Labs in May this year in a
$125 million round.
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