Viva Wallet has announced its partnership with Amsterdam-based fraud prevention firm Fraudio to bolster its transaction monitoring.
It says the partnership “guarantees” its customers will have access to “a thoroughly secure payment infrastructure for all their operations”.
Fraudio’s solution uses what it calls “the next generation” of fraud detection using AI and machine learning.
The vendor’s platform will take on Viva Wallet’s anti-fraud and money laundering operations, in preparation for the latter’s “exponential growth” in the coming years.
“Fraudio’s team has been extremely helpful to our current growth by providing us the ability to focus our efforts in a much more accurate manner,” says Viva Wallet co-founder Makis Antypas.
He adds: “We also see a lot of ourselves in Fraudio being pioneers in their market and truly developing disruptive technology.”
Greece-based Viva Wallet officially obtained its banking licence in August 2020 following its acquisition of Praxia Bank, completed with shareholder AMC Oak.
At the time, the fintech said its banking licence would allow it to serve “a broader set of its customers”.
João Moura, Fruadio founder and CEO, says working with Viva Wallet has been “enriching in so many ways”.
He adds: “We are excited to have this opportunity to serve a company that beyond any doubt is, and will become much more, a predominant player in their space.”
Viva Wallet is an investor in Fraudio, and took part in the latter’s $3.3 million fund round in May. Other Fraudio backers include BiG Start Ventures and BYND Venture Capital.