Payments specialist Mangopay has acquired fraud protection company Nethone for an undisclosed amount.
Poland-based Nethone, a PhocusWire Hot 25 Travel Startup for 2022 , was founded in 2016 and raised $6.7 million in funding in July 2021.
In a statement, Mangopay says Nethone will help it provide platforms with a complete solution for payment and fraud prevention.
Earlier this year, private equity firm Advent International acquired a majority stake in Mangopay and said it would be investing €75 million in the business.
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“Every platform must have a deep understanding of its users in real time throughout their entire customer journey to reduce fraud activity,” says Romain Mazeries, CEO of Mangopay.
“We’re delighted to welcome Nethone to the group and offer a unique set of anti-fraud capabilities on top of our existing infrastructure. This is a key step in our mission to provide marketplaces and platforms with the best solution to drive their success.”
Nethone will continue to work with other businesses as a standalone company alongside its work with Mangopay.
Hubert Rachwalski von Rejchwald, co-founder and CEO of Nethone, who joins the Mangopay executive committee, says: “We look forward to taking our unique Know Your User technology and further refining it with Mangopay to give platforms the anti-fraud solution they need to continue thriving.”