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Fraud prevention fintech SEON raises $94m to expand globally

Just a year after its first raise, SEON has become the most highly invested Hungarian founded business ever.

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London-based fraud prevention fintech SEON has raised $94m in a series B round led by private equity investment firm IVP.

The funds make the Anglo Hungarian company the most highly invested Hungarian founded business ever.

In addition to IVP, the round included existing investors Creandum and PortfoLion and angel investing from founders and senior executives from a number of tech companies, including Coinbase,Wise and Slack.

The company, which lets online businesses fight fraud, will use the money to expand across North America, Latin America and Asia-Pacific.

As consumer and activity and online transactions have grown after the past two years because of Covid, so has identity fraud and the need to improve online security.

SEON is aiming to “democratise access to fraud-fighting technology” to make the internet safer for businesses where historically protection has only been accessible to large enterprises with the budget and staff to implement this technology.

“SEON is bringing something different to the fraud prevention market by offering an accessible and flexible solution, which delivers instant results,” SEON co-founder and CEO Tamas Kadar said.

“Once discovered, our solution can be trialled by potential customers in less than 30 seconds and up and running in less than a day.”

With an API-first approach, users can plug into SEON’s system and go live within 24 hours, the company says.

SEON’s data enrichment module uses data such as email address, phone number, IP address or real-time location to establish someone’s digital footprint

The GDPR-compliant approach to analysing a user’s digital footprint helps companies accept more transactions while blocking out the fraudulent ones, according to SEON.

After a period of growth in 2021 and a $12m series A fund last year, SEON is now used by companies including Revolut, NuBank, Afterpay, Patreon and mollie.

The company more than tripled its annual recurring revenue and grew its headcount fourfold, with new offices in Austin and Jakarta.

Its latest new addition is Michael Miao, a partner at lead investor IVP who will join SEON’s board.

“Identity is one of the most important and biggest problems on the Internet,” Miao said.

“This product-led team is making a remarkable dent in fraud prevention by making it easy for every business to adopt its data-driven solution.”

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