Mangopay, which provides payment services for marketplaces, announces the acquisition of Nethone, a SaaS software publisher specializing in fraud detection and prevention. This is the first acquisition made by Mangopay and uses part of the €75 million that the Advent Fund pledged to invest in its development last April when it acquired Mangopay from Crédit Mutuel Arkéa.
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Mangopay is integrating the Nethone solution into the payment process of approximately 2,500 of its customers. It uses machine learning, behavioral data associated with hardware (including smartphones) and software, network analytics technologies, and biometrics to predict patterns of suspicious activity. It targets fraud such as account hijacking, fake account and unauthorized transactions.
“In order to cut down on fraudulent activities, there is no secret: every platform must have deep, real-time knowledge of its users throughout their customer journey,” said Romain Mazeri, CEO of Mangopay, in a press release.
Mangopay claims that based on Netone’s current use cases, the solution improves approval rates by 26% and reduces manually viewed traffic by 60%. It optimizes payment transaction evaluation and authentication. In the future, Nethone will adapt its Know Your Customer technology to offer a native marketplace solution. Nethone, created in 2016, is used by BlaBlaCar and ING among others.
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