Hyderabad based fraud prevention Start-Up Simility acquired by PayPal2 years ago Saritha Keshamoni
PayPal, on Thursday, has announced news of their acquisition of California and Hyderabad based Similarity Software Solutions for $120 million in cash. This acquisition will help PayPal in providing fraud prevention and risk management solutions to their merchants globally.
Simility’s Adaptive Decisioning Platform is designed in such a way that it allows merchants to customize it in a matter of few hours even without writing a single line of code according to the kind of products they sell. With e-commerce fraud and data breaches at an all-time high, Simility’s machine-learning-based technology and tools will be of immense help to online merchants and their customers. The transaction is expected to close in the third quarter of 2018.
Simility had raised $17.5 Million in December 2017 in a Series B round led by Accel Partners. Their existing investors The Valley Fund and Trinity Ventures were also a part of the investment along with PayPal.
Simility was launched by ex-Googlers Rahul Pangam, Uttam Phalnikar and Kedar Samant in 2014.
“Our vision for fraud prevention in a post-breach, the digital world has seen us become a trusted partner for some of the world’s best-known and most innovative finance and digital commerce firms.
Now we’re thrilled to be taking the next step of our journey with an established pioneer in global commerce. PayPal’s platform and trusted brand are backed by a world-class risk management engine. Together with our strong machine learning capabilities and customizable risk tools, we can bring even greater value to merchants and partners.” says Rahul Pangam, on their blog today.