Payments giant Worldpay has reached an agreement to acquire Ravelin, an AI-native enterprise fraud prevention platform. The financial details of the deal have not been disclosed.
Founded in 2015 and based in London, Ravelin specializes in developing technology for fraud prediction and prevention targeted at e-commerce merchants. The platform assists clients in identifying various types of fraud, including payment fraud, account takeover, return and refund abuse, promotion and voucher abuse, and marketplace fraud.
Worldpay states that Ravelin’s cloud-based AI platform will enhance its portfolio of value-added solutions and assist customers in improving authorization rates.
Charles Drucker, CEO of Worldpay, remarked, “In today’s online world, equipping merchants with next-generation AI-powered fraud prevention products is vital. We believe Ravelin’s technology and expertise will significantly enhance Worldpay’s overall value proposition to the marketplace.”
The acquisition is associated with a definitive agreement and is expected to be finalized in the first quarter.