Last year, SEON, which has an anti-fraud platform designed to fight accounts raised a $12 million Series A. It does this by looking at a customer’s ‘digital footprint’ – especially their social media – in order to weed out false accounts and thus prevent fraudulent transactions. Clients included Patreon, AirFrance, Rivalry and Ladbrokes.
The London-based Anglo-Hungarian startup has now raised a $94 million Series B funding round led by Silicon Valley-based IVP. Also participating were existing investors Creandum and PortfoLion.
The funding will be used to expand SEON’s presence in North America, LATAM, and APAC. Its customers now include Revolut, NuBank, Afterpay, Patreon, Sorare, and mollie.
Seon’s fortunes have been uplifted by the acceleration of consumer activity and transactions online due to the pandemic, which also saw the fast growth of identity fraud.
In a statement Tamas Kadar, CEO and Co-founder at 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.”
SEON will appoint Michael Miao, Partner at IVP to its board.
“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,” added Miao.
SEON is seen as competing with Emailage, Iovation, Threatmetrix. However, SEON’s thesis is that social media is a great proxy of a legitimate user vs bot/fake fraudster, so it looks heavily at social accounts to weed out fraudsters.
Angel investors also participating in the round included founders and senior executives from Aiven, Coinbase, Datadog, Doordash, Figma, G2 Crowd, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Wise.