londonbased seon 94m
SEON, a London-based Anglo-Hungarian startup, has successfully raised a massive $94 million in its Series B funding round, with Silicon Valley-based IVP leading the investment. SEON’s innovative anti-fraud platform aims to combat fraudulent transactions by analyzing a customer’s “digital footprint,” with a particular focus on their social media presence.
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This approach allows the platform to differentiate between legitimate users and fake accounts, effectively preventing fraud and safeguarding businesses. The company’s client roster includes big names like Patreon, AirFrance, Rivalry, and Ladbrokes.
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Last year, SEON secured a $12 million Series A funding round, which laid the foundation for its rapid growth and expansion. Building on that success, the latest injection of capital will be used to further establish SEON’s presence in key regions like North America, LATAM, and APAC. Notable existing investors Creandum and PortfoLion also participated in the funding round, reinforcing their confidence in SEON’s potential.
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SEON’s Rise Amidst the Pandemic:
The COVID-19 pandemic significantly accelerated online consumer activity and transactions, inadvertently leading to a surge in identity fraud. In response to this, SEON found itself in the right place at the right time, offering a timely solution to counter fraud in the digital landscape.
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With its data-driven approach and focus on social media as a reliable proxy for identifying legitimate users, SEON quickly gained traction and attracted an impressive roster of clients, including Revolut, NuBank, Afterpay, Sorare, and mollie.
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Tamas Kadar, CEO, and Co-founder of SEON emphasized the platform’s unique value proposition, stating, “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.” This efficiency and efficacy have set SEON apart from its competitors and contributed to its rapid growth.
Strategic Appointments and Investor Support:
With the successful completion of the Series B funding round, SEON is poised for further expansion and market dominance. The company has appointed Michael Miao, Partner at IVP, to its board, a strategic move to leverage his expertise in shaping and driving growth in the cybersecurity and fraud prevention space.
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IVP, as the leading investor in this funding round, sees tremendous potential in SEON’s product-led approach. Michael Miao expressed his confidence in the company, stating, “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.”
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In addition to institutional investors, prominent angel investors also participated in the funding round. These included founders and senior executives from notable companies such as Aiven, Coinbase, Datadog, Doordash, Figma, G2 Crowd, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Wise. Their involvement further underscores the industry’s recognition of SEON’s potential to revolutionize fraud prevention with its innovative social media-focused approach.
Competing in the Fraud Prevention Space:
SEON faces competition from other players in the fraud prevention market, such as Emailage, Iovation, and Threatmetrix. However, the company’s distinct thesis, which places a strong emphasis on analyzing social media accounts as a key indicator of a legitimate user versus a bot or fake fraudster, sets it apart from its rivals. This unique approach has garnered SEON significant interest and trust from its clients and investors alike.
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As SEON gears up for expansion and product development, its ability to deliver effective anti-fraud solutions with unparalleled speed and precision positions it as a formidable player in the fast-evolving landscape of digital security and fraud prevention. With the support of its investors and the leadership of its experienced team, SEON is well-positioned to continue its impressive growth journey, offering peace of mind to businesses and consumers alike in an increasingly digitized world.