PayPal Stories Archive

7/13/18 Update: We are pleased to announce that we have completed the acquisition of Simility. Welcome to PayPal, Simility team and customers!

 

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Following on Monday’s announcement about our agreement to acquire Hyperwallet, I’m pleased to share that we’ve agreed to acquire another great company, Simility, which is a leading fraud prevention and risk management platform. This acquisition, like the acquisitions of Swift Financial, iZettle, Jetlore and Hyperwallet that we’ve announced in the last twelve months, is part of a concerted effort to strengthen the suite of services we can provide to merchants in order to become the one-stop solution for global commerce.

 

Digital commerce has exploded, and fraudsters have taken note, adapting and developing new methods to carry out their crimes. PayPal has been at the forefront of developing innovative fraud prevention and risk management solutions for nearly 20 years and is uniquely positioned to help merchants fight this threat.

 

We invested in Simility last year because we believe the company has a unique approach that goes beyond legacy, static rule-based fraud and risk offerings and puts control in merchants’ hands to offer increased protection in a mobile world. The Simility team has built a suite of advanced fraud tools that allow merchants to adjust individual risk rules to reduce fraudulent payment activity and, in some cases, verify transactions that may have otherwise failed. With Simility’s capabilities and talent, we will accelerate our ability to provide merchants with transparency and control to manage the unique complexities of their businesses while improving fraud prevention.

 

Following the close of the deal, merchants on the PayPal platform will gain access to best-in-class fraud tools that can be customized to reflect the nuances of their businesses through their existing account management dashboard. These machine learning-powered tools, which adapt and evolve with each transaction, will enhance payment experiences for merchants and their customers and help to further democratize access to PayPal’s existing world-class risk and fraud tools.

 

We will begin integration efforts with Simility at the close of the acquisition, which is expected in the third quarter of 2018. Once the acquisition closes, Simility CEO Rahul Pangam and the Simility team will report to VP of Enterprise Services Platforms Tushar Shah. We will also gain an office in Hyderabad, India, which will enhance our presence in a key strategic market.

 

Together with Simility, we will be able to put more control in the hands of our merchants to fight fraud while helping to make commerce experiences faster and more secure.