Fraud prevention startup raises £72m in Series B funding round following international expansion

SEON, a London based Anglo-Hungarian startup that powers online fraud prevention, has raised $94m (approx. £72m) in Series B funding.

Led by Silicon Valley based IVP, the round also includes existing investors Creandum and PortfoLion, as well as, angel investors including founders and senior executives from product-led tech companies: Aiven, Coinbase, DataDog, DoorDash, Figma, G2, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Wise.

The funding, which comes just a year after the company’s Series A, will be used to expand SEON’s presence in North America, LATAM, and APAC, build partnerships with leading e-commerce platforms, heighten product functionality, and integrate additional data sources to help customers better fight fraud.

Tamas Kadar, CEO and co-founder at SEON, commented: “SEON is bringing something different to the fraud prevention market by offering an accessible and flexible solution, which delivers instant results. Once discovered, our solution can be trialled by potential customers in less than 30 seconds and up and running in less than a day.”

SEON experienced significant growth in 2021 and is now the “go-to” fraud prevention solution for companies like Revolut, NuBank, Afterpay, Patreon, Sorare and mollie. In 2021, the company more than tripled its annual recurring revenue, grew its headcount by 400 per cent, and opened new offices in the US and Indonesia.

Along with welcoming IVP into its portfolio of investors, SEON will appoint Michael Miao, partner at IVP to its board. He 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.

“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.”

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