Mangopay, from Introduction, buys Nethone and goals to fight digital fraud within the nation
Company wants to increase security and payment products for customers like Boticário and Azul
The French group Mangopay, payment infrastructure provider controlled by Advent, has just bought the Polish company Nethone. Under new command, the company, which has been growing in the fight against virtual fraud in Brazil with clients such as Grupo Boticário, Azul and BlaBlaCar, wants to accelerate its geographic expansion and the product shelf here.
It is Mangopay’s first acquisition since it was taken over by private equity six months ago. Since then, the French company has been transformed into a holding company and is responsible for acquisitions in the segment. The value of the transaction was not disclosed.
“Our company will continue to operate alone, but we have joined forces, leaders and visions. We want to continue our geographic expansion and that way we will have more resources at our fingertips”, explains Hubert Rachwalski, CEO and founder of Nethone.
Advent placed €75 million in Mangopay’s M&A reserve at the start of the year. With the transaction, Rachwalski retains the management of Nethone and joins the executive committee of the Mangopay Group.
While Mangopay provides end-to-end payment solutions to 2,500 users, Nethone hopes to successfully roll out its anti-fraud products to that customer base. The acquired company was founded in 2016 after a group of specialists from the venture builder Daftcode joined Rachwalski to develop more sophisticated technologies in the fight against fraud, which includes the so-called behavioral biometrics.
The technology, used mainly by ecommerces, banks and fintechs, processes 5,000 attributes to be able to generate recommendations in real time. This year alone, it generated 150 million recommendations for its 100 customers worldwide — 10 of which in Brazil alone.
Source: Pipeline Valor