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SEON closes £72m Series B for online fraud protection

SEON

Online fraud prevention platform SEON has raised $94m (£72m) in a Series B round led by Silicon Valley’s IVP.

London-based SEON is working to protect companies and consumers from increasingly sophisticated online fraud scams.

SEON uses data to determine an individual’s digital footprint based on their email address, phone number, IP address, or location in real-time. By analysing this digital footprint, companies are better able to determine fraudulent transactions.

“SEON is bringing something different to the fraud prevention market by offering an accessible and flexible solution, which delivers instant results,” said Tamas Kadar, CEO and co-founder of SEON.

“Once discovered, our solution can be trialled by potential customers in less than 30 seconds and up and running in less than a day.”

Michael Miao, partner at IVP, said: “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.”

Miao added: “As fraud explodes at an exponential rate, IVP is honoured to help guide this talented group as they work to expedite the fight against online fraud.”

IVP’s Michael Mio will also be joining the company’s board of directors.

SEON’s latest funding round also includes existing investors Creandum and PortfoLion, as well as angel investors including founders and executives from companies including Coinbase, DoorDash, GitHub, Public, and Wise.

Recent data has shown a significant increase in financial data breaches. A report from international law firm RPC stated that as many as 42.2 million people in the UK had financial data compromised last year, an increase of 1,777% from last year.

“Hackers are continually refining their methods, employing ever more complex techniques to extort money in whatever way they can,” said RPC partner Richard Breavington.

“Some businesses, fearing the potential reputational costs, not to mention other consequences, decide that they will take the last-ditch approach of paying the ransom demands.”