Mangopay acquires fraud detection firm Nethone
Fintech payments specialist Mangopay as acquired AI fraud detection and prevention company Nethone.
The deal will allow Mangopay to offer bespoke anti-fraud solutions to its client base, which includes several peer-to-peer lenders and other alternative lending platforms.
Recent data from the Office for National Statistics found that fraud increased by 25 per cent between March 2020 and September 2022, making it a rising priority for fintech firms. Nethone’s technology uses machine learning to detect and prevent fraud in both ecommerce and financial services settings.
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Following the Mangopay acquisition, Nethone will focus on developing anti-fraud solutions designed especially for marketplaces.
“Every platform must have a deep understanding of its users in real time throughout their entire customer journey to reduce fraudulent activity,” said Romain Mazeries, chief executive of Mangopay.
“We’re delighted to welcome Nethone to the group and offer a unique set of anti-fraud capabilities on top of our existing infrastructure. This is a key step in our mission to provide marketplaces and platforms with the best solution to drive their success.”
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Nethone’s founder and chief executive Hubert Rachwalski von Rejchwald will remain with the newly-acquired company and has also joined Mangopay’s executive committee.
“Going forward, on top of accelerating Nethone’s own dynamic expansion according to our standalone business plan, we will work on the tremendous potential identified among Mangopay’s 2,500+ existing platform customers,” said Rachwalski von Rejchwald.
“Together we will take our unique Know Your User technology and further refine it to be the best-in-class platform-specific solution.”
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