Payments giant Worldpay has struck a deal to buy AI-native enterprise fraud prevention platform Ravelin. Financial terms were not disclosed.
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Founded in 2015, London-based Ravelin builds fraud prediction and prevention technology for e-commerce merchants. The firm helps clients identify payment fraud, account takeover, return and refund abuse, promotion and voucher abuse, and marketplace fraud.
Worldpay says Ravelinโs cloud-based AI platform will boost its portfolio of value-added solutions and help its customers improve authorisation rates.
Charles Drucker, CEO, Worldpay, says: “In todayโs online world, equipping merchants with next-generation AI-powered fraud prevention products is vital, and we believe Ravelinโs technology and expertise will significantly enhance Worldpayโs overall value proposition to the marketplace.”
A definitive agreement has been struck for the acquisition, which is expected to close in the first quarter.
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