PayPal Holding Inc. has come up with another acquisition, PayPal has acquired a cloud-based startup Simility Inc. With spending $120 million which efficiently working in the field of fraud prevention during online transactions. PayPal is one of the leading online payment service provider and there are many different types of big or small companies including common people are into net banking and online transaction so these transactions has to be protected against any kind of fraud.
Simility Inc. is a startup for preventing fraud during online transactions, this startup was founded by Rahul Pengam and Kedar Samant in 2014. The founders planned to give best prevention and solution that includes learning from machine along with human evaluation for protecting all sort of business may be it can be a small business or medium business with enterprises, to provide best solution for fraud and abuse case with online transactions. The main goal of the company is to give power to all kind of business to identify the fraud and protect your vulnerable transactions with full efficiency. There is no need of encoding or decoding the fraud you can directly operate the system to help your business growing well.
PayPal has there owned fraud prevention cell but with acquisition, PayPal is going to to be more accurate in recognising the fraud and eradicating the frauds. This will strengthen the security of online transactions, PayPal is growing the list of services for their customers with account management section.
“E-commerce and digitalization have erupted and fraudsters have adapted all the latest technologies to perform their crime. They are becoming immune against our every security measure ” said Bill Ready PayPal chief operating officer in his statement. This collaboration with Simility, PayPal will be empowering all the merchants to share the best kind of security solutions to manage the complexity formed by attackers. Bill also added “We are growing our security value to provide secure and fast experience to our customers”.
PayPal has also acquired a San Francisco based startup called HyperWallet Systems Inc. a disbursement firm in $400 million. In the list if acquisition PayPal also has also acquired a startup for offline bill payments called TIO Network Corp. for $233 million in February 2017.
Simility has raised $24.7 million in the recent rounds in August 2015 and December 2017. Simility have investors as Accelerator, Trinity Ventures, Kortschak Investment, The Valley Fund, L.P and now PayPal is also added in its list.