With plans to have a holistic presence in consumer fintech, Razorpay has acquired Gurugram-based fraud analytics startup Thirdwatch for an undisclosed amount. With this acquisition, Razorpay will leverage Thirdwatch’s artificial intelligence and machine learning-based detection tools to reduce cash on delivery frauds.
Founded in 2016, Thirdwatch claims to reduce fraud losses for e-commerce firms by 80% through its platform called Mitra. Meanwhile, Razorpay is seeking PPI licence to develop wallet, issue smart cards, gift cards, and co-branded credit cards. (Source)
