IppoPay buys fintech startup Tutelar

IppoPay, a fintech startup, has taken over a full-stack AI- based startup Tutelar. The acquired company develops products for real-time KYC, transaction fraud detection and risk management, in an all-cash deal.

solutions from Tutelar help merchants and banks with risk-free onboarding, dispute resolutions, KYC fraud detection, transaction fraud detection and other benefits.

“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," Mohan K, CEO of IppoPay said.

Tutelar is headquartered in Chennai and was launched by former Aggrepay CEO Pradeep Kumar, who has over 20 years of experience in the payments and risk management space. Post the acquisition, Kumar will be joining IppoPay as Chief Risk Officer.

Pradeep, founder CEO of Tutelar, 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. We wanted to partner with someone who will help us build on this vision and will take this product global."

The financial details of the transaction remain undisclosed.

IppoPay is a vertical payments solutions company and has over 1,70,000+ MSME merchants in Tamil Nadu. It is backed by Coinbase Global, Better Capital and Blume Founders Fund, among other investors.