London-based fraud detection startup, Seon has raised $94 million in a Series B financing round led by Silicon Valley’s investment firm IVP, raising its valuation to $500 million. This is coming a year after the company’s series A funding and was announced today by the firm.
Other participants in the round were existing investors including Creandum and PortfoLion. Several angel investors ranging from company founders to top executives of tech firms like Slack, Supercell, Coinbase, DataDog, Figma, and others. IVP’s partner Micheal Miao will join the startup’s board of directors as part of the deal.
According to co-founder and CEO Tamas Kadar, part of the funds will be dedicated to designing new tools that will help fintech firms combat being used for money laundering and ready tools to evade sanctions following Russia’s alleged evasion of multiple sanctions.
The new tool will also verify online businesses to ascertain whether their shareholders appear on any sanction list. It will also detect whether someone is creating companies as a means to launder money or hiding assets to falsify their identity.
Seon will, with the new funds expand its reach in the United States as well as Latin America and the Asian region. Furthermore, it will incorporate additional data sources that improve fraud detection capabilities as well as partner with e-commerce platforms to protect users from online fraud. It also hopes to boost its workforce to about 400 in about a year.
Seon was founded in 2017 by Tamas Kadar and Bence Jendruszak. The platform builds a user’s digital footprint using machine learning alongside information like email, phone number, and other information to help companies ascertain genuine transactions and block suspicious ones.
Its mission also entails striving to help online businesses cut down costs, time, and challenges faced due to fraud. This in return helps global financial leaders or e-commerce startups to focus more on growing and scaling their companies.
It currently offers services to the likes of Revolut, NuBank, AfterPay, Patreon, and a host of others. The exponential growth it experienced last year made it open new branches in Texas and Jakarta.