IppoPay buys AI-powered risk management firm Tutelar. Credit: geralt from Pixabay.

IppoPay, an Indian payment gateway provider, has purchased full-stack AI-driven risk management start-up Tutelar for an undisclosed sum.

Tutelar is involved in the development of products that facilitate risk-free onboarding, dispute resolutions, real-time detection of KYC and transaction fraud as well as prevent spelling mistakes, among others.

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These solutions are designed for merchants, banks, and intermediaries including payment aggregators and payment gateways (PAPGs). Other industry stakeholders such as issuers, fintechs, payments processors and switch networks also benefit from the products.

Tutelar was founded by Pradeep Kumar, ex-CEO of Aggrepay, in April this year.

As part of the all-cash deal, Kumar will assume the role of IppoPay’s chief risk officer.

Kumar said: “We built Tutelar with a vision to improve reporting and control of payments fraud across industries and mis-selling especially affecting banks and financial intermediaries.

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“We believe IppoPay is the right home for Tutelar and they have the chops to help us achieve our vision.”

IppoPay has backing from Coinbase Global, Better Capital and Blume Founders Fund.

The firm currently has a network of over 1,70,000 micro, small and medium enterprises (MSME) merchants across Tamil Nadu.

IppoPay CEO Mohan K said: “Tutelar is our first and a 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.”