PayPal to buy Simility, a specialist in AI-based fraud and risk management, for $120M

Payment provider PayPal continues apace with its acquisitions streak to bring more modern tools into its platform to serve its 237 million customers. Today the company announced that it is buying Simility, a fraud prevention specialist, for $120 million in cash. PayPal had been an investor in Simility (it owns three percent of the company, it says), along with Accel, the Valley Fund, Trinity Ventures and others. The startup had raised just under $25 million and was last valued at $52.75 million, according to figures from PitchBook, making this a decent return for its backers. The deal is expected to close in Q3.