SEON raises $94m Series B to fuel global expansion

Fraud prevention platform SEON has raised $94 million in a Series B funding round.

SEON raises $94m in Series B round

The round was led by Silicon Valley’s IVP and saw participation from existing investors Creandum and PortfoLion, as well as founders and senior executives from tech firms including Coinbase, DoorDash, GitHub, Slack and Wise, among others.

Following the raise, IVP partner Michael Miao will join SEON’s board of directors.

“Identity is one of the most important and biggest problems on the Internet,” Miao says, adding IVP will look to work with SEON to expedite the fight against online fraud.

The Anglo-Hungarian start-up will use the fresh capital to expand throughout North America, Latin America and the Asia-Pacific region.

Money will also be spent on building partnerships with e-commerce platforms, as well as integrating additional data sources that will aid its fraud detection capabilities.

SEON’s “accessible and flexible” API-first approach democratises access to fraud-fighting technology. It leverages machine learning and GDPR-compliant data enrichment to analyse users’ digital footprints to decide whether to accept or decline a transaction.

SEON CEO and co-founder Tamas Kadar says the company’s solution “can be trialled by potential customers in less than 30 seconds and up and running in less than a day”.

The platform claims to have saved its customers more than €50 million in potentially fraudulent transactions.

The Series B follows the company’s €10 million Series A in March last year.