SEON raises $94 million Series B funding to help prevent online fraud

SEON, a London-based AngloHungarian startup, has raised $94 Million in a Series A funding round.

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.

Revolut and NuBank, Afterpay and Patreon use the platform to allow enterprises to connect to their system and go live in 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 analyzing a user’s digital footprint helps companies accept more transactions while blocking fraudulent ones.

Tamas Kadar, CEO, and co-founder, SEON said: “SEON is bringing something different to the fraud prevention market by offering an accessible and flexible solution, which delivers instant results. Once discovered, our solution can be trialed by potential customers in less than 30 seconds and up and running in less than a day.”

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