IppoPay Acquires Risk Management Startup Tutelar
Tutelar builds products for real-time KYC and transaction fraud detection and risk management at every level of the payments value chain
IppoPay, a verticalised payments infrastructure startup, has announced the acquisition of Tutelar, a full-stack AI-based risk management company. Tutelar builds products for real-time KYC and transaction fraud detection and risk management at every level of the payments value chain.
"Tutelar is our first and very important addition to the full-suite infra-stack that IppoPay is building. KYC and transaction fraud detection and risk management is a very critical problem that RBI, NPCI and the industry at large are trying to address. Addition of Tutelar makes IppoPay an important constituent in the fight against fraud in the payments space," said Mohan K, CEO, IppoPay.
IppoPay has over 170000 MSME merchants in Tamil Nadu. The company invested into by Coinbase Global Inc., Better Capital and Blume Founders Fund, as per company statement.
"We built Tutelar with a vision to improve reporting and control of payments fraud across industries and misselling especially affecting banks and financial intermediaries. We wanted to partner with someone who will help us build on this vision and will take this product global. We believe IppoPay is the right home for Tutelar and they have the chops to help us achieve our vision," said Pradeep, fouder and CEO, Tutelar.
Tutelar enables risk-free onboarding, dispute resolutions, KYC fraud detection, mis-selling prevention etc., benefitting not only the principals such as merchants and banks but also the intermediaries such as PA-PGs, issuers, fintechs and the TSPs such as payments processors and switch networks.