Razorpay buys real-time fraud prevention platform Thirdwatch

Monday 5 August 2019 10:37 CET | News

Razorpay, a digital payments solution for businesses, has acquired a Delhi NCR-based artificial intelligence (AI) company Thirdwatch for an undisclosed amount.

Thirdwatch has built an AI platform to prevent real-time fraud in ecommerce companies. Post acquisition, the fraud prevention company will be a wholly-owned subsidiary of Razorpay. This deal is said to augment Razorpay’s efforts at improving payment experience and avoid fraudulent transactions with the help of AI, machine learning and big data, according to Inc 42.

Razorpay is a payments solutions platform based in India and founded in 2014. The company has raised over USD 106.5 million in total funding until now, from investors such as Tiger Global, Matrix Partners, YCombinator, Mastercard, Sequoia India and Ribbit Capital.

Earlier in 2018, Razorpay has also entered the lending space with the launch of its lending platform, Razorpay Capital. The lending platform offers both short-term working capital loans and long-term business loans.

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Keywords: Razorpay, Thirdwatch, acquisition, AI, fraud prevention, real time fraud, ecommerce, fraud prevention, India
Countries: World