Online fraud-detection startup Seon raised a $12m Series A round led by Creandum.
Other investors who participated included PortfoLion, part of OTP Bank. The funding appears to be one of Hungary’s larger series A rounds to date, the firm said.
Launched in 2017, the startup establishes a customers’ digital footprint in order to weed out false accounts and thus prevent fraudulent transactions. With the aim to make the internet a safer place, the firm lets online businesses fight online fraud.
Social media is a great proxy of a legitimate user vs bot/fake fraudster, the firm said and therefore it focuses on social accounts to weed out fraudsters.
As part of the funding round, SEON has expended its table of current shareholders by onboarding N26 founders, SumUp founders, Tide CEO, Revolut ex-CFO, iZettle ex-chief Product Officer, Onfido cofounder and ComplyAdvantage founder.
With clients such as Patreon, AirFrance, Rivalry and Ladbrokes, the company claims to be reaping significant profits since the end of 2019. The upward graph was driven by working with companies in the finance, esports, gaming, Forex and crypto trading sectors as well as the ongoing rapid digitisation brought on by the pandemic.
Commenting on the funding round SEON CEO and founder Tamas Kadar said, “We feel we have found a like-minded investor to work closely with to pursue the significant global opportunity for our business as we continue to democratize fraud fighting.”
Echoing a similar sentiment, Creandum general partner Simon Schmincke said, “At Creandum, we believe cybercrime will be one of the most serious threats of the 21st century. With SEON, we’ve found an anti-fraud solution that’s effective, affordable, flexible, intuitive, and clearly proves its ROI.”
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