Bangalore based Razorpay has now acquired the Thirdwatch, which is an AI-based driven company named Thirdwatch for the undisclosed amount of sum.
The company has revealed that the acquisition will be going to be a surge for Razorpay in Artificial Intelligence and big data as it looks to improve payment experience and avoid any of the fraudulent transactions.
“This acquisition is a perfect fit. Our war is against cash; hence we want to address all problems surrounding it through new integrated data science technologies. Fraud has been the albatross around e-commerce companies’ necks for the longest time, and we believe through this acquisition we will empower businesses across industries to digitally transform and disrupt, by improving their response and redressal mechanisms of combating fraud. Together, I believe we can help reduce frauds by 30-40 percent by next year,” Harshil Mathur, CEO and co-founder of Razorpay, said.
The company which is co-founded by the Shashank and Harshil in the year 2013, RazorPay has recently even revealed four new products into the Indian markets to boost its revenue. These products even lie in the areas of recurring payments, automation of bank transfers like NEFT, IMPS, and invoice management.
