Anglo-Hungarian anti-fraud platform SEON raises $94M Series B led by IVP – TechCrunch

Last year, SEON, which has a fraud-fighting platform designed to fight accounts, raised a $12 million Series A. It does this by looking at a customer’s ‘digital footprint’ – particularly their social media – to remove fake accounts and thus prevent fraudulent transactions. Clients included Patreon, AirFrance, Rivalry and Ladbrokes.

The London-based Anglo-Hungarian startup has now raised a $94 million Series B funding round led by Silicon Valley-based IVP. Existing investors Creandum and PortfoLion also took part.

The funding will be used to expand SEON’s presence in North America, LATAM and APAC. The company’s clients now include Revolut, NuBank, Afterpay, Patreon, Sorare, and mollie.

Seon’s fortunes have improved as consumer activity and online transactions accelerated as a result of the pandemic, which also saw the rapid growth of identity fraud.

In a statement, Tamas Kadar, CEO and Co-Founder of SEON, said: “SEON is bringing something different to the fraud prevention market by providing an accessible and flexible solution that delivers immediate results. Once discovered, our solution can be tried by potential customers in less than 30 seconds and up and running in less than a day.”

SEON appoints Michael Miao, Partner at IVP, to its board.

“Identity is one of the most important and biggest problems on the Internet. This product-driven team is making a remarkable dent in fraud prevention by making it easy for any company to adopt its data-driven solution,” added Miao.

SEON is seen as a competitor of Emailage, Iovation, Threatmetrix. However, SEON’s thesis is that social media is a great proxy of a legit user vs bot/fake fraudster, so it looks heavily at social accounts to weed out fraudsters.

Angel investors who also entered the round included founders and senior executives of Aiven, Coinbase, Datadog, Doordash, Figma, G2 Crowd, GitHub, Public, Slack, Supercell, UiPath, Veriff and Wise.

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