Anglo-Hungarian fraud prevention startup Seon has successfully raised $94 million to facilitate its expansion into the US, Latin America, and Asia Pacific, along with the development of tools aimed at helping firms comply with sanctions obligations.
Seon utilizes data from across the internet to establish the digital footprints of customers, enabling the identification of fraudulent accounts and the prevention of fraudulent transactions. In 2021, the company’s annual recurring revenue approximately tripled, and its customer base surged from 100 to 250 as it opened new offices in Austin, Texas, and Jakarta, Indonesia.
The firm, which counts major companies like Revolut, Afterpay, and Nubank among its clients, has reported increasing demand for software solutions that assist businesses in adhering to anti-money laundering regulations—an area where many fintechs have struggled with compliance.
Additionally, Seon is developing a feature to verify businesses online and check if their shareholders appear on any sanctions lists, a crucial initiative given the ongoing geopolitical tensions related to Russia’s invasion of Ukraine.
The Series B funding round, led by IVP, will also support geographic expansion as the company prepares to double its workforce to 400 employees.