MangoPay, a European payment technology provider for marketplaces and platforms, is buying AI fraud detection and prevention company Nethone.
The deal will see MangoPay offer anti-fraud technology designed specifically for marketplaces, which account for over two thirds of e-commerce transactions, making them a prime target for fraudsters.
Nethone’s proprietary machine-learning powered system incorporates behavioural data collection, hardware, software, network intelligence, as well as behavioural biometrics to help platforms secure every point of the user journey.
The firms claim that the technology will prevent over 95% of account takeovers, reducing fake accounts, fraud rates, chargebacks and unauthorised transactions. This, they claim, will help increase conversion rates and approval rates as well as reduce false declines due to suspected fraud.
Romain Mazeries, CEO, MangoPay, says: "Every platform must have a deep understanding of its users in real time throughout their entire customer journey to reduce fraudulent activity. We’re delighted to welcome Nethone to the group and offer a unique set of anti-fraud capabilities on top of our existing infrastructure."
The deal is part of a majority investment in MangoPay from private equity giant Advent International, which was announced over the summer.