Polish fraud prevention Nethone joins Mangopay Group
The Warsaw-based technology company Nethone has joined forces with the Mangopay Group, as part of the majority stake acquisition process signed by Advent International. Following the deal, the teams will jointly expand the product infrastructure offer, My Company Polska reports.
- Founded in 2016 by Kacper Szcześniak, Nethone is a machine learning-based fraud prevention SaaS company. It allows online merchants and financial institutions to holistically understand their end-users. Nethone is able to detect and prevent payment fraud, account takeovers with great effectiveness.
- The company becomes part of the Mangopay Group, a provider of payment infrastructure for trading platforms and marketplaces. The companies will now offer the first solution of Know Your User (KYU) class on the market, tailored to the specific needs of trading platforms and marketplaces.
- Based on the shared results of the implementation of the Nethone technology, the solution will enable platforms to operate safely, preventing over 95% of account takeovers. It will also support business development by helping build a platform which has reduced manual verified traffic by 60% through automation.
“Acquiring Advent International as our new majority investor and joining the Mangopay family is a huge milestone on our growth path. It will enable us to embark on a previously unattainable trajectory of innovation,”Hubert Rachwalski von Rejchwald, President of the Management Board and co-founder of Nethone, comments.
- The acquisition is another step in Advent International‘s investment strategy launched in the first half of 2022. The global private equity firm aims to create a global technological leader in payment and authentication infrastructure for marketplaces.