Fraud prevention firm SEON raises $80M to scale AI-driven compliance platform

Fraud prevention and anti-money-laundering compliance company SEON Technologies Kft. announced today that it has raised $80 million in new funding to scale its platform, fuel global expansion and enhance its real-time detection capabilities.

SEON was founded in 2017 by Tamas Kadar and Bence Jendruszák after the pair had struggled with preventing fraud and money laundering while running a cryptocurrency exchange. Faced with rampant fraud attacks, they found existing solutions too slow, rigid, or expensive for what they needed, bringing about the creation of SEON.

The company offers a unified platform designed to make it easy for businesses to detect and block fraud, verify identities and satisfy compliance requirements without burdening legitimate customers. Its toolkit includes capabilities such as device fingerprinting and analyzing digital footprints such as emails and phones, as well as behavioral biometrics, transaction monitoring, payment screening and sanction customer screening.

Though AML and fraud prevention offerings are not new, where SEON says it differs is with ease of use and quickness of deployment, offering an application programming interface-first design that allows clients to integrate in minutes or a few days rather than weeks or months. The agility by design, it says, reduces the friction that often accompanies fraud prevention, enabling companies, including high-risk ones, to apply protections early, at registration, login, transaction and beyond.

SEON also emphasizes precision and the ability to reduce manual work, with more than 900 real-time data signals and machine-learning models with human-supervised oversight giving the platform lower false positives. The result cuts down review times and frees up fraud teams to focus on higher-value tasks.

The company serves industries including fintech, e-commerce, payments, gaming and others where digital risk is high. Notable customers include Revolut Ltd., Plaid Inc., Nu Holdings Ltd., Afterpay, Spotify Technologies S.A. and Entain plc.

SEON also pairs fraud prevention with regulatory compliance, making AML and risk management part of the same workflow. Features like customer screening (against sanctions), transaction monitoring, case management and continuous behavioral risk scoring help businesses both block fraud and meet regulatory obligations.

The Series C round was led by Sixth Street Growth, with Institutional Venture Partners LP, Creandum AB, Firebolt Analysts Ltd. and Hearst Communications Ltd. also participating.

“Our mission has always been clear, to enable companies to prevent fraud without impeding legitimate growth,” said co-founder and Chief Executive Tamas Kadar. “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.”

“Fraud is growing at an unprecedented pace in the age of AI, and businesses need better defenses,” said Michael Bauer, managing director of Sixth Street Growth, who will join SEON’s board. “SEON has built the command center for fraud prevention and AML compliance that empowers organizations to combat bad actors without impeding real customer transactions.”

The new funding takes the total raised by SEON to $187 million.

Image: SEON

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