Press Release: PayMongo and Vesta partner to offer fraud assessment and risk detection to protect online payments in the Philippines
PayMongo to now provide fraud assessment, protecting customer’s accounts and real-time reporting to over 5,000 of its merchants across the Philippines
It is a timely and relevant partnership between PayMongo and Vesta with the growing concerns over online fraud as much as digital transactions in the Philippines increased during the pandemic. The collaboration leverages on Vesta’s real-time decisioning platform – built on data science and machine learning with 25 years of intelligence, and PayMongo’s uncomplicated online payment platform.
“We are excited to partner with PayMongo, and saw a great match in PayMongo’s commitment to always cater to their merchants’ needs that made this partnership come to fruition especially during a time where businesses require the support they need to continue growing digitally – this ties back to Vesta’s mission of helping companies to grow their online businesses by eliminating the fear of fraud and focus on what really matters for success, growing revenue,” said Shabab Muhaddes, Vesta General Manager in the Asia Pacific.
Vesta recently acquired a strategic investment from Singapore-based EDBI, a global Asian-based investor. This investment, along with a strategic alignment with EDBI, has accelerated the company’s momentum and efforts to expand across the Asia Pacific from its regional headquarters in Singapore. Vesta also secured US$125 million in new growth capital from private equity firm Goldfinch Partners to invest in growth and continue the global deployment of its fraud protection and fully guaranteed payment technologies.
Both firms will tap into each other’s strengths and capabilities to address the need for fraud protection in the Philippines. Most importantly, PayMongo merchants will be able to conduct business transactions with greater confidence and focus on increasing their revenue.