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Picture credit: SEON
SEON, a London-based fraud detection startup, introduced on Tuesday that it has raised $94M (roughly €87.1M) in a Sequence B spherical of funding. The announcement comes one 12 months after elevating $12M (approx €11.1M) in a Sequence A spherical in March, 2021.
The spherical was led by Silicon Valley-based IVP, with participation from present buyers Creandum and PortfoLion. Angel buyers, together with founders and senior executives from product-led tech firms Aiven, Coinbase, DataDog, DoorDash, Figma, G2, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Clever, 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 further 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 among the most vital and largest issues on the Web. This product-led workforce is making a exceptional dent in fraud prevention by making it simple for each enterprise to undertake its data-driven answer. As fraud explodes at an exponential charge, IVP is honored to assist information this proficient group as they work to expedite the struggle in opposition to on-line fraud,” says Michael Miao.
What does SEON clear up?
Fraud is an issue confronted by each firm that transacts with prospects on-line and in nearly each area, from fintech firms to on-line marketplaces, digital well being, training, gaming, and e-commerce firms.
Consequently, firms want higher instruments to struggle again as dangerous actors turn into subtle. 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 know-how.
SEON: What you want to know
Based by Bence Jendruszak and Tamas Kadar, SEON is the go-to fraud prevention answer for fintech firms like Revolut, NuBank, Afterpay, Patreon, Sorare, and Mollie.
The corporate’s API-first strategy permits enterprises to plug into their system and go reside inside 24 hours.
SEON’s Knowledge Enrichment module leverages information to determine a person’s digital footprint based mostly on their e mail handle, telephone quantity, IP handle, or location in real-time.
This strategy helps firms 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 progress 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 just lately launched an AI-based fraud detection and one-click prevention app on Shopify.
The globally centered enterprise operates places of work in Austin (TX), Budapest, London, Jakarta, and Singapore.
“SEON is bringing one thing totally different to the fraud prevention market by providing an accessible and versatile answer, which delivers prompt outcomes. As soon as found, our answer may be trialled by potential prospects in lower than 30 seconds and up and operating in lower than a day,” says Tamas Kadar, CEO and co-founder at SEON.
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