Paladin offers a customizable suite of services for merchants, credit agencies, Fintechs and vendors
Financial holding company MVB Financial has acquired Paladin, a fraud prevention company, for an undisclosed amount.
The firm has closed the transaction through a wholly-owned subsidiary of MVB Bank.
MVB said that the acquisition of Paladin further differentiates its expanding Fintech vertical with its commitment to fraud prevention.
Paladin will operate as a subsidiary of MVB Bank
Established by industry experts in fraud prevention, Paladin offers a customizable suite of services for merchants, credit agencies, Fintechs and vendors.
Paladin is said to be specially focused on education and training to help clients and partners defend against cyber threats, and empowering organisations with the insight they need.
Retaining its name, the company will operate as a wholly owned subsidiary of MVB Bank, and is expected to expand its services to both MVB Bank and its Fintech clients.
For the transaction, Squire Patton Boggs (US) has provided legal representation to MVB.
MVB Financial president and CEO Larry F 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. This acquisition is another creative way that MVB is turning an expense into a profit center to the benefit of our shareholders.
“We are pleased to have Jim Houlihan and Jamon Whitehead as trusted partners on the financial frontier and as members of the MVB family. 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.”
MVB offers financial services to individuals and corporate clients in the Mid-Atlantic region and beyond.
The firms provides those services through its subsidiary, MVB Bank and the bank’s subsidiaries, MVB Mortgage, the MVB Community Development Corporation, Chartwell Compliance.