US-based MVB Financial, the holding company of MVB Bank, has acquired security company Paladin Group to enhance its fraud prevention capabilities.
Founded in 2010 and headquartered in Australia, Paladin offers a suite of extensive and customizable services to merchants, credit agencies, fintechs and vendors.
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The group provides its clients and partners with education, training and insights required to defend against incoming security threats.
The financial details of the transaction have not been made public.
MVB Financial president and CEO Larry Mazza said: “Paladin Group, a respected leader in the fraud prevention industry, has formed a specialty niche that aligns well with MVB as the preferred bank for Fintech companies.
“Together, we are committed to the success of our clients and to helping prevent fraud in today’s world where both threats and tools evolve at a fast pace.”
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By GlobalDataUnder the terms of the deal, Paladin will operate as a wholly-owned subsidiary of MVB Bank under its own name.
As a standalone subsidiary of MVB Bank, the group will continue to serve its own clients and now MVB Bank as well.
Paladin chairman Jim Houlihan said: “We feel strongly that MVB and Paladin’s core values and principles align.
“The future is bright for MVB and Paladin as we forge ahead in growth via trusted partnering.
“The relationship with MVB will allow us to continue to support our existing and future clients in the fight against fraud.”
