PayPal acquires Simility to help online merchants spot fraudsters

Friday 22 June 2018 10:00 CET | News

PayPal has agreed to acquire fraud prevention technology company Simility for USD 120 million, according to Reuters.

Simility, a US-based machine-learning technology provider, helps online merchants spot fraudsters and improve risk management. PayPal plans to make Simility’s services available to its merchants following the close of the transaction, which is expected by the end of Q3, 2018.

The acquisition underscores PayPal’s broader ambition to offer small online merchants the same capabilities of bigger ecommerce providers, Bill Ready, the company’s chief operating officer said in an interview for Reuters. For example, merchants will be able to use Simility’s technology to adjust their fraud controls based on what kind of products they sell.

The acquisition is the fourth deal announced by PayPal in little over a month, as it continues to aggressively expand its business beyond just online payment processing.

In May 2018 it had agreed to buy Swedish payments company iZettle for USD 2.2 billion, in its largest ever acquisition and recently it announced an agreement to acquire Hyperwallet, a company that helps online individual and small business sellers accept payments. For more information about Simility, please check out a detailed profile in our web fraud & e-identity company database.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: PayPal, Simility, machine learning, online merchants, ecommerce, fraud prevention, risk management, acquisitions
Countries: World