PayPal is on quite the buying spree as the company has acquired three companies in about a month. The company said it will pay $120 million in cash for Simility, a fraud prevention and risk management firm. PayPal said Simility will allow it to offer fraud prevention to merchants. Bill Ready, operating chief at PayPal, said Simility will accelerate its plans to give merchants fraud fighting tools. PayPal invested in Simility and owned 3 percent of the company before the purchase. Read also: How to add PayPal to Google Pay - CNET Simility is used to detect items like new account fraud, wire fraud and money laundering with a combination of machine learning, visualization and human and automated analytics. In the last year, PayPal has acquired iZettle, Hyperwallet, Jetlore and Swift Financial. The goal for the company is to build a complete financial stack, partner and utilize Venmo to fuel growth. Read also: How the 'PayPal Mafia' redefined success - TechRepublic Here's a rough cut on how Simility works. Related stories:
PayPal has bought fraud prevention and risk management company Simility for $120m, its fourth acquisition in the past year. Simility uses AI and machine learning to detect new account fraud, wire fraud and money laundering and is to accelerate plans to offer customers tools to fight fraud. PayPal is building a complete financial offering through its Venmo mobile payment service and has already acquired iZettle, Hyperwallet, Jetlore and Swift Financial.