Picture credit: SEON
SEON, a London-based fraud detection startup, introduced on Tuesday that it has raised $94M (roughly €87.1M) in a Collection B spherical of funding. The announcement comes one yr after elevating $12M (approx €11.1M) in a Collection A spherical in March, 2021.
The spherical was led by Silicon Valley-based IVP, with participation from current traders Creandum and PortfoLion. Angel traders, together with founders and senior executives from product-led tech corporations Aiven, Coinbase, DataDog, DoorDash, Figma, G2, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Sensible, additionally participated.
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The funding will allow the corporate to speed up its presence in North America, LATAM, and APAC. The capital will assist SEON construct partnerships with e-commerce platforms, heighten product performance, and combine extra information sources to assist prospects higher struggle fraud.
As part of the funding spherical, SEON will appoint Michael Miao, Associate at IVP, to its board.
“Identification is likely one of the most vital and largest issues on the Web. This product-led workforce is making a exceptional dent in fraud prevention by making it straightforward for each enterprise to undertake its data-driven answer. As fraud explodes at an exponential fee, IVP is honored to assist information this gifted group as they work to expedite the struggle in opposition to on-line fraud,” says Michael Miao.
What does SEON resolve?
Fraud is an issue confronted by each firm that transacts with prospects on-line and in virtually each area, from fintech corporations to on-line marketplaces, digital well being, training, gaming, and e-commerce corporations.
Consequently, corporations want higher instruments to struggle again as unhealthy actors develop into refined. Beforehand, fraud instruments have been solely accessible to massive enterprises. Right here’s the place UK’s SEON fills the gaps and goals to democratise entry to fraud-fighting expertise.
SEON: What it’s worthwhile to know
Based by Bence Jendruszak and Tamas Kadar, SEON is the go-to fraud prevention answer for fintech corporations like Revolut, NuBank, Afterpay, Patreon, Sorare, and Mollie.
The corporate’s API-first method permits enterprises to plug into their system and go stay inside 24 hours.
SEON’s Knowledge Enrichment module leverages information to ascertain a person’s digital footprint based mostly on their e-mail handle, telephone quantity, IP handle, or location in real-time.
This method helps corporations settle for extra transactions whereas blocking fraudulent ones.
The corporate makes use of AI and machine studying to adapt throughout sectors, together with neo banking, crypto, eCommerce and Purchase Now, Pay Later (BNPL), and Internet 3.0 sectors.
SEON says it has skilled vital development in 2021, tripled its annual recurring income, grew its headcount by 4X, and opened new places of work in Austin and Jakarta.
Since its inception, the anglo-Hungarian firm has served over 5,000 retailers and reviewed over 1B transactions.
The corporate says it has helped save its prospects greater than €50M in probably fraudulent transactions. The corporate additionally lately launched an AI-based fraud detection and one-click prevention app on Shopify.
The globally targeted enterprise operates places of work in Austin (TX), Budapest, London, Jakarta, and Singapore.
“SEON is bringing one thing completely different to the fraud prevention market by providing an accessible and versatile answer, which delivers on the spot outcomes. As soon as found, our answer will be trialled by potential prospects in lower than 30 seconds and up and working in lower than a day,” says Tamas Kadar, CEO and co-founder at SEON.
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