PayPal has agreed to buy Simility to improve its fraud detection capabilities and further advance its position as a leader in the digital economy. PayPal wants to be a one-stop solution for global commerce and the Simility acquisition is a part of that overarching goal, though it also aims to use the technology that’s provided by Simility to enhance the suite of services that it offers to merchants. Of note is that Simility’s tech is based on machine learning, offers real-time fraud prevention, and uses models that are self-optimizing which likely means that some of the work PayPal does on a day to day basis in these particular areas is about to get a little bit easier.
PayPal’s interest in and eventual buyout of Simility should be no surprise – the company invested in Simility last year because it believes in its product, and now it’s going to end up applying the smarts of what Simility offers to its own. PayPal has long been a proponent for preventing fraudulent services from taking place, and this acquisition puts the company in a position to strengthen those beliefs, while also fighting back against the evolving landscape of a digital economy that includes an uptick in newly developed ways for criminals to commit fraud and scam people out of their money.
PayPal plans to make the fraud tools from Simility available to PayPal merchants after the deal officially closes, which PayPal expects to happen sometime after the third quarter of 2018. PayPal says that these tools evolve and adapt with every transaction that takes place so merchants can expect a more secure service with each purchase that their customers make. PayPal also highlights that merchants will have more control over fraud prevention as Simility’s tech enables the merchant to adjust risk rules on an individual basis, making control a bit more granular. Simility’s CEO and the team will be staying on after the acquisition is complete and Tushar Shah, PayPal’s VP of Enterprise Services Platforms.
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