Unveiling the secret weapon trusted by Revolut, Wise, and Sorare to combat fraud. Discover how this fraud-buster operates, ensuring the safety of millions of transactions daily, and why leading fintech companies place their trust in its capabilities.
Fraud is as old as human history
But the kind faced by financial firms in the 21st century is more sophisticated than ever before
- Hungarian-founded fraud detection startup Seon has attracted $94m in Series B funding to expand globally
- In five years, Seon wants to become the go-to global solution for any online business to prevent fraud
- They plan to focus on scaling in the US next
As easy as pressing play…
Seon operates on a usage-based pricing model, foregoing integration fees and instead charging customers each month based on how many transactions they make.
- It uses machine learning to track data points that clients can customize according to their trouble areas.
This easy online access, requiring no face-to-face meetings to set up, begs the question: how impenetrable can adding another online API layer to your fraud checks really be?
Financial fraud soared during the pandemic when in-person verification was all but halted – indicating that online fraud verification software still has a long way to go.
- Experts have previously told Sifted that there are still multiple ways of undermining the processes that APIs like Seon’s provide.
‘Crazy’ growth
Seon tripled its revenue year-on-year and has been onboarding new clients and expanding like crazy into new markets.
- In the next 12 months, Seon plans to increase its headcount by 150 people in total, doubling its teams in London and Jakarta, adding another 80 to 90 people in its founding location Budapest, and doubling its team in the US.
SEON’s latest angels list
Emille Choi, president and COO of Coinbase
- Olivier Pomel, cofounder and CEO of DataDog
- Gokul Rajaram, product and business executive at DoorDash
- Tamar Yehoshua, CPO of Slack
- Ilkka Paananen, CEO of Supercell
- Daniel Dines, founder & CEO of UiPath
- Kaarel Kotkas, founder of Veriff
Making it in America
Gaining market share in US fraud prevention is no easy task
- Seon believes it can compete because it’s already conquered the more varied regulatory landscape in Europe
- However, it may struggle to compete with Socure’s 1,000-strong customer base, which includes four of the five largest banks in the world
