- The startup establishes a digital footprint for a customer to remove false and fraudulent accounts.
- Removal of fraudulent accounts stops all kinds of fraudulent transactions which happens to be the aim of the startup.
Introduction:
Seon is a startup firm that helps businesses battle online frauds like fake accounts. It has successfully raised $12M in the Series A funding round led by Creandum. So far, the funding seems to be one of Hungary’s largest series A rounds to date. Creandum happens to be a big name behind tech companies like Spotify, Klarna, and Kahoot.
Establishment of a digital footprint:
Seon established a “digital footprint” for a customer. They eliminate false accounts and stop fraudulent transactions. Their clients include names like Patreon, AirFrance, Rivalry, and Ladbrokes Launched in 2017. The company takes pride in being profitable since the end of 2019. This happened to post the growth by working with neobanks, esports, gaming, Forex, and crypto trading throughout the rapid digitization ushered by the pandemic.
According to the Royal United Services Institute (RUSI), fraud happens to be a national security concern which is an ever-growing concern, specifically with increasing e-Commerce businesses. With increasing digital frauds, the eCommerce companies made a loss of $25.5 billion in 2019. The same figure may increase and reach $50.5 billion by the time it is 2024.
Statement from the CEO and the Founder of Seon:
Tamas Kadar, Seon’s CEO and Founder say in a statement, “We’re extremely pleased to have completed our latest funding round, led by Creandum, joining its exciting tech portfolio. We feel we have found a like-minded investor to work closely with to pursue the significant global opportunity for our business as we continue to democratize fraud fighting.”
A statement from the partner at Creandum:
Simon Schmincke, who happens to be the partner at Creandum says, “At Creandum, we believe cybercrime will be one of the most serious threats of the 21st century. With SEON, we’ve found an anti-fraud solution that’s effective, affordable, flexible, intuitive, and clearly proves its ROI.”
What does the partner at PortfoLion Capital Partners have to say?
Gábor Pozsonyi, a partner at PortfoLion Capital Partners, added: “Seon is a fundamentally useful brand: it offers a solution to one of the greatest challenges of digitalization, not only saving hundreds of millions of euros for its partners but making the internet a safer place.”
Seon seems to be in competition with Emailage, lovation, Threatmetrix. Seon believes in a thesis that social media is a proxy of a genuine user compared to bot/fake fraudster or an imposter. Therefore, it heavily focuses on social media accounts to eliminate the ones who appear to be fraudsters and imposters.
The investors Seon has brought on board:
Being a part of the funding round, Seon brings on the board, the following leading investors and shareholders: N26 founders, Maximilian Tayenthal and Valentin Stalf; SumUp founders Stefan Jeschonnek and Jan Deepen; Tide CEO Laurence Krieger; Revolut ex-CFO Peter O’Higgins; iZettle ex-chief Product Officer Leo Nilsson; Onfido cofounder Eamon Jubawy, and ComplyAdvantage founder Charlie Delingpole.
