Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Razorpay acquires Thirdwatch to improve real-time fraud prevention

Online payments solution company Razorpay announced on Monday the acquisition of Thirdwatch, an artificial intelligence startup specialising in big data and machine learning for real-time fraud prevention in eCommerce.

The amount of the deal remains undisclosed at the time of writing, but the company said in a press release this new acquisition would go towards improving payment experience and avoid fraudulent transactions.

“Fraud has been the albatross around eCommerce companies’ necks for the longest time”, said Harshil Mathur, CEO and co-founder of Razorpay.

“We believe through this acquisition we will empower businesses across industries to digitally transform and disrupt, by improving their response and redressal mechanisms of combating fraud.”

After the acquisition, Thirdwatch will become a wholly-owned subsidiary of Razorpay and will be based at the company’s headquarters in Bengaluru.

“We’ve always believed in developing technologies that will not just limit e-commerce transactions to be secure and seamless but also make the systems intelligent with real-time insights through AI,” said Shashank Agarwal, founder of Thirdwatch.

“A similar commitment was echoed by the Razorpay team and that’s what impressed us and brought us together.”

Founded by Shashank Kumar and Harshil Mathur in 2014, Razorpay is a payments solutions platform that, according to their website, have over 350K businesses using its service.

Since its inception, the company has raised over $106.5 million in total funding, from investors such as Tiger Global, Matrix Partners, MasterCard,  Sequoia India and others. 

“This acquisition is a perfect fit,” Mathur explained. “Our war is against cash, hence we want to address all problems surrounding it through new integrated data science technologies.

“Together, I believe we can help reduce frauds by 30-40 per cent by next year.” 

Image via PXhere.

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