Fraud prevention and AML compliance specialist Seon has raised $80 million in a series C funding round led by Sixth Street Growth.
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IVP, Creandum, Firebolt, and Hearst joined the round, which brings Anglo-Hungarian outfit Seon’s total funding to $187 million.
Seon draws on data from across the internet to establish customers’ digital footprints to wean out false accounts and prevent fraudulent transactions from taking place. The firm analyses tens of millions of customer interactions daily for thousands of customers, including Revolut, Plaid, Nubank, and Afterpay.
The funding will be used to accelerate adoption in North America alongside further global expansion, as well as push AI-powered product development and to make hires.
“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. With global fraud losses exceeding billions annually, we are tackling a fundamental challenge facing businesses worldwide,” says Tamas Kadar, CEO, Seon.
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