Payments processing firm Adyen announced the launch of a new cybersecurity service aimed at helping its clientele detect and combat fraudulent activities, Reuters reported.
Adyen’s new risk management system is designed to fight fraud by using the entirety of a shopper’s retail activity to rate the consumer. The service is called RevenueProtect, and according to Reuters it will create detailed profiles on shoppers through the use of transaction data, statistical modeling and behavioral analytics. The devices a shopper uses while purchasing, as well as their regional location and other consumer behavior factors will also be considered.
Adyen, whose customer base includes music-streaming service Spotify, British Airways and Sony, introduced RevenueProtect yesterday (Oct. 20) as part of a comprehensive payments processing service, intended to replace third-party fraud protection services, Reuters confirmed.
The Dutch payments company, which stands as one of Europe’s biggest startups as well as a rival of Worldpay, landed another round of financing earlier this month, bringing its value up to $2.3 billion.
The new funding came in roughly nine months after Adyen’s previous big round, led by General Atlantic, which brought Adyen officially into the unicorn club with a value of $1.5 billion, also taking earning the title of the largest FinTech deal of 2014.
According to Reuters, each year, Adyen processes nearly 30 billion euros ($34 billion) in both eCommerce and in-store payments for close to 4,000 customers, including online giants such as Airbnb, Facebook and Netflix.
Earlier this year, Adyen CEO Pieter van der Does said the company’s funding deals are not just about the money, but more of a chance to network.
“When Iconiq comes knocking, you have to think twice before saying no,” said van der Does of the latest round to The Wall Street Journal. “It’s significant to land them and allows us to have investors now represented worldwide.”
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