Company: SEON
Founder: Tamas Kadar
Website: https://seon.io/
Description: SEON has developed its solution into a revolutionary AI fraud prevention platform and quickly become the fastest growing online fraud prevention company in the world.
About SEON
Since starting in 2017, SEON has developed its solution into a revolutionary AI fraud prevention platform and quickly become the fastest growing online fraud prevention company in the world. In early 2022, the company received a record-breaking $94m Series B funding round, gaining backing from Silicon Valley venture capital heavyweight, IVP.
SEON’s core aim is to democratise the battle against online fraud and to ensure that businesses of all sizes have access to robust, affordable, and user-friendly solutions, which help to mitigate this risk. With fraud on the rise across all aspects of society, the company’s solution is now more needed than ever before.
In recent times, SEON’s platform has become the customer identification and evaluation solution of choice for Revolut, Wise, NuBank, Patreon and Sorare. Looking forward, the company now plans to become the go-to global online fraud prevention solution for any online business that needs to prevent fraud.
SEON’s highly accessible solution operates on a usage-based pricing model, foregoing integration fees and can be onboarded in a matter of minutes. The company already provides its services to over 5,000 merchants, has reviewed over 1 billion transactions and has saved its clients more than €50 million.
SEON’s innovative solution has been built from the ground up to tackle online fraud. Powered by a true AI brain, as well as Whitebox Machine Learning technologies, the company’s solution is multi-layered, which in turn, makes fraud hard to scale even when carried out by organised criminal enterprises.
SEON’s solution analyses the digital footprints of potential customers to effectively assess the risk of fraud. With advanced data enrichment technology, the company can deliver real-time insights into every interaction, order, account, buyer, transaction, opportunity, analysing over 50 online platforms to help validate a person’s identity via one API call.
This is important, because as the world continues its digital migration, fraudsters can easily gain access to personal information and card details, but they cannot replicate the digital footprints of legitimate customers as it’s not economical for them. SEON’s system seizes upon this opportunity, offering a solution perfectly suited for the modern era.
Built with flexibility and accessibility in mind, SEON’s solution can be used as part of an end-to-end fraud detection and prevention system or used to complement an existing risk tech stack. The company’s solution is totally customisable and can be tailored to suit different industries and geographies, as necessary.
The globally focussed business operates offices in Austin (TX), Budapest, London and Jakarta. In the next year, 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 further expanding its team in the US.
