Hungary's Complytron has been acquired by Budapest-based fraud prevention company SEON.
SEON will integrate Complytron's specialty anti-money laundering tools, enabling its customers to precipitate money laundering risks using proven datasets. For example, Complytron automatically flags business leaders who've had political sanctions imposed.
In line with the acquisition, its clients can already access Complytron's API-driven service, allowing them to integrate real-time risk alerts on individuals into their anti-fraud workloads.
The SEON software suite provides real-time transactional data on transactions in the client's ecosystem and automatically highlights potential cases of fraud, fulfilling know-your-customer checks.
The company says it required strengthened AML capacity to help clients precipitate threats in the "increasingly volatile political and humanitarian landscape." The deal comes after SEON raised $94 million of series B funding early last year.
Complytron's AML specialised workforce has also transferred to SEON, and its co-founders Oliver Lebhardt and Abris Gryllus have accepted offers to stay on with the company.
Complytron CEO and product manager Oliver Lebhardt commented: "We’ve watched the SEON story unfold, keeping up with the business alongside its exciting growth trajectory.
"It’s now great to be a part of the mission, and to play a role in combining fraud prevention and AML tools into a single source.
"This acquisition represents a major step in the battle to reduce FinCrime and will help sectors such as fintech, online lending, gaming, neobanking, ecommerce and travel, to prevent criminal activity via their platforms.”
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