Cloud fraud prevention platform, Ravelin has been acquired by Worldpay, a payments leader, in a strategy to raise more customer value by injecting more fraud prevention and prediction technology into their model.
Ravelin has established its technologies since 2015 serving e-commerce merchants with a ‘KYC’ defence against payment fraud, account takeover attacks, refund abuse, promotion and voucher abuse and marketplace fraud.
The cloud-based AI platform aims to improve accurate authorisation rates for legitimate transactions and block the fraudsters.
Charles Drucker, chief executive officer of Worldpay said: “In today’s online world, equipping merchants with next-generation AI-powered fraud prevention products is vital, and we believe Ravelin’s technology and expertise will significantly enhance Worldpay’s overall value proposition to the marketplace. We look forward to partnering with Ravelin’s leadership and their talented team to help our customers address their most complex challenges.”
Ravelin is “thrilled” to be joining Worldpay’s portfolio, a move which will impart their sheer experience within the payments ecosystem as a company with scale and reach.
Worldpay’s reputation includes “processing approximately $2.5 trillion in payments volume and more than 50 billion transactions in 2024, will be an immense asset as we (Worldpay) accelerate Ravelin’s momentum and advance our mission to eradicate fraud from the internet. Together, we will be able to deliver innovation at scale, driving the adoption of our industry-leading fraud solutions to customers as they respond to increasingly sophisticated threats and rising fraud-related costs.”
