Payments giant Worldpay has swooped to acquire London-based fraud prevention platform Ravelin.
Ravelin – founded in 2015 and a star of our RegTech 50 ranking late last year – has developed AI-native fraud prediction and prevention solutions for eCommerce merchants.
This includes identifying payment fraud, account takeover, return & refund abuse, promotion & voucher abuse and marketplace fraud, as well as performing 3D Secure authentication.聽
Worldpay, which processes over 50 billion transactions across 146 countries and 135 currencies annually, says the cloud-based AI platform will also allow it to offer its customers technology to further improve authorisation rates.
The transaction is expected to close in Q1 2025.
鈥淥ur acquisition of Ravelin aligns with our strategy to invest in innovation and AI technology, enhancing the value we provide customers and accelerating our eCommerce growth,鈥� said Charles Drucker, CEO of Worldpay.聽
鈥淚n today鈥檚 online world, equipping merchants with next-generation AI-powered fraud prevention products is vital, and we believe Ravelin鈥檚 technology and expertise will significantly enhance Worldpay鈥檚 overall value proposition to the marketplace.聽
鈥淲e look forward to partnering with Ravelin鈥檚 leadership and their talented team to help our customers address their most complex challenges.鈥�
Martin Sweeney, co-founder and CEO of Ravelin, added: 鈥淩avelin is thrilled to be joining Worldpay, a true global leader in the payments industry.
鈥淲orldpay鈥檚 scale and reach, including processing approximately $2.5 trillion in payments volume and more than 50 billion transactions in 2024, will be an immense asset as we accelerate Ravelin鈥檚 momentum and advance our mission to eradicate fraud from the internet.聽
鈥淭ogether, 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.鈥�