The London-based platform plans to expand its presence in North America, LATAM and APAC to help businesses keep their customers safe

As the pandemic accelerates consumer activity and transactions online, there has been an exponential increase in identity fraud. Bad actors are becoming increasingly sophisticated and companies need better tools to fight back. Historically, effective fraud tools were only readily accessible to large enterprises with the budget and staff to handle complex implementations.

Democratising access to fraud-fighting technology and making the internet a safer place for business, London-based Anglo-Hungarian startup SEON has raised $94 million in funding. The Series B round was led by Silicon Valley-based IVP and saw the participation of existing investors Creandum and PortfoLion and angel investors, including founders and senior executives from product-led tech companies like  Aiven, Coinbase, DataDog, DoorDash, Figma, G2, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Wise.

The investment will be used to expand the startup’s presence in North America, LATAM, and APAC, build partnerships with e-commerce platforms, heighten product functionality, and integrate additional data sources to help customers better fight fraud. 

The platform being used by the likes of Revolut, NuBank, Afterpay, Patreon, Sorare and mollie, allows enterprises to plug into their system and go live within 24 hours. According to the company, its data enrichment module uses data to establish an individual’s digital footprint based on their email address, phone number, IP address, or location in real-time. This GDPR-compliant approach to analysing a user’s digital footprint helps companies accept more transactions while blocking fraudulent ones.

About SEON:  It all starts with an idea.  Every superhero has an origin story. For the fraud fighters at SEON, it all started when Tamas and Bence met at university in 2016, and bonded over their interest in cryptocurrencies. Their first project together, in fact, was a crypto exchange for the CEE region. Unfortunately, they were soon the target of constant attacks from fraudsters.

After trying several fraud prevention solutions, they came to the conclusion that they could build a better one themselves. And it worked: their tool was so efficient that other crypto platforms and high-risk merchants soon asked if they could use it too. The rest, as they say, is history…

Source: Tech.eu