Simility, a machine learning powered fraud detection startup will soon be acquired by Paypal for $120 million in what will be an all-cash deal. This is an extremely proud moment for the Hyderabad startup ecosystem as this might turn out to be one of the biggest acquisition in recent times. Simility’s engineering team is based out of Hyderabad, headed by Mr Ravi Sandepudi who is also the VP & General Manager of the EMEA region.
Simility helps companies prevent fraud and abuse with machine learning, big data analytics, and data visualization capabilities. They level the playing field against even the most sophisticated fraud ring by enabling analysts to create and configure detection mechanisms without having to write one line of code. Started by ex-Googlers in both Silicon Valley and Hyderabad, India – Simility is well funded by top-notch venture capital companies like The Valley Fund, Accel Partners, and Trinity Ventures.
PayPal is after the best technology and talent around, and with Simility, on board too, it shows that AI will play a key role in future endeavours But more than that, PayPal is boosting the number of services it can offer new and existing clients and merchants. The acquisition is expected to close in Q3 2018, after which PayPal will begin integrating Simility into its own platform.
“Our vision for Simility was to create an adaptive risk management platform that empowers organizations operating in a digital world to manage an evolving fraud and risk landscape where data breaches are the new normal,” said Rahul Pangam, co-founder and CEO, Simility, in a statement. “We are excited to enter the next phase of our growth with PayPal and are thrilled to join them to help drive the next generation of payment and commerce solutions while scaling our business together.”
Another proud moment is that Similarity built their India team with CLOwork back in 2015 and expanded rapidly. With the motto that member success is our success, we are extremely excited about the future of our alumnus as part of Paypal.