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.
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 trialled by potential customers in less than 30 seconds and up and running in less than a day.”
Michael Miao, partner, IVP added: “Identity is one of the most important and biggest problems on the Internet. This product-led team is making a remarkable dent in fraud prevention by making it easy for every business to adopt its data-driven solution. As fraud explodes at an exponential rate, IVP will help guide this talented group as they work to expedite the fight against online fraud.”