SEON, a leading company focused on fraud prevention and anti-money laundering compliance, has completed an $80 million Series C funding round. This significant investment, which brought SEON’s total funding to an impressive $187 million, was led by Sixth Street Growth and included contributions from existing investors such as IVP, Creandum, and Firebolt, as well as new investor Hearst. With this latest round of funding, SEON is poised to accelerate its growth, particularly in North America, while also expanding its reach globally. The company plans to enhance its artificial intelligence-powered products and invest in acquiring top talent.
Over the past year, SEON has experienced remarkable growth and has quickly established itself as an industry leader in fraud and compliance solutions. The company handles tens of millions of customer interactions every day, serving a diverse range of clients that includes some of the world’s most recognized digital brands, such as Revolut, Plaid, Nubank, Afterpay, Spotify, and Entain. SEON offers a unified platform that simplifies customer onboarding and compliance processes, while also providing advanced fraud prevention capabilities, all accessible through a single API. This unique approach has solidified SEON’s position as a global market leader in this competitive field.
One of the key benefits that SEON clients enjoy is the platform’s quick and efficient integration process. Clients can implement SEON’s solutions in just a few days, whereas traditional systems often take months to set up. This rapid deployment enables organizations to effectively tackle fraud and financial crime, minimizing the potential for these issues to impede growth. Many clients have reported impressive results, such as reductions of up to 90% in fraudulent account creation. Additionally, they have seen improvements in accuracy when stopping fraudulent transactions, with some achieving over an 80% increase in precision. The platform has also led to a significant decrease in the time needed for manual reviews, with clients reporting reductions of up to 75%. This newfound efficiency enables teams to focus their efforts on growth initiatives and innovative strategies, rather than solely addressing past fraud incidents.
Looking ahead, SEON has identified several strategic areas for investment. One primary focus is on enhancing their advanced artificial intelligence capabilities and real-time detection methods. The platform is designed to adapt to the constantly evolving threat landscape quickly, utilizing advanced models to identify emerging fraud patterns before they can cause significant issues. Additionally, SEON aims to expand its presence in the Asia-Pacific and Latin American regions, tailoring its solutions to better address the unique fraud challenges and regulatory requirements specific to these markets.
Another area of investment will be ensuring a seamless integration of its fraud prevention and compliance solutions. With the new funding, SEON plans to enhance its ability to provide actionable insights, drawing from more than 900 distinct fraud signals and ensuring comprehensive coverage for anti-money laundering compliance. This will significantly simplify how organizations can implement SEON’s solutions through a single, easily deployable API.
KEY QUOTES:
“Our mission has always been clear, to enable companies to prevent fraud without impeding legitimate growth. This investment allows us to continue serving the critical market need for fraud prevention and AML solutions that can scale at the speed of modern digital commerce. With global fraud losses exceeding billions annually, we are tackling a fundamental challenge facing businesses worldwide.”
Tamas Kadar, Co-founder and CEO, SEON
“Fraud is growing at an unprecedented pace in the age of AI, and businesses need better defenses. SEON has built the command center for fraud prevention and AML compliance that empowers organizations to combat bad actors without impeding real customer transactions. Their proprietary data signals and end-to-end workflow platform provide the real-time insights needed to make smarter decisions with confidence. Tamas, Bence, and the team have built an important and mission critical solution for the challenges that online businesses face today, and we’re excited to support their continued global expansion.”
Michael Bauer, Managing Director, Sixth Street Growth
“SEON is the world’s fastest-growing fraud prevention company and has greatly exceeded growth targets while expanding their platform capabilities. What sets them apart is their obsession with customer outcomes; 90% reductions in fraudulent registrations and over an 80% increase in preventing fraudulent transactions aren’t just metrics, they’re transformational business results.”
Karthik Ramakrishnan, Partner, IVP
“As an early SEON backer, we continue to be impressed by their execution velocity and market leadership. The team has built something rare, a platform that makes fraud prevention faster and more effective, not slower. Watching SEON scale from a promising startup to global market leader has been remarkable. We’re very excited continue our support through their next phase of growth.”
Simon Schmincke, General Partner, Creandum
