SEON, a fintech platform that helps online businesses fight fraud, has raised $94 million in a Series B round led by private equity firm IVP. In addition to IVP, existing investors Creandum and portfolio participated in the round, as well as angel investments from the founders and senior executives of a number of Internet firms, including Coinbase, Wise, and Slack. SEON plans to use the money to expand across North America, Latin America, and Asia-Pacific. SEON aims to “democratize access to fraud-fighting technology” in order to make the internet safer for businesses. Previously, protection was only available to major corporations with the budget and personnel resources to apply this technology. To construct someone’s digital footprint, SEON’s data enrichment module uses data such as email address, phone number, IP address, or real-time location. According to SEON, the GDPR-compliant way to analyze a user’s digital history allows businesses to accept more transactions while preventing fraudulent ones. SEON is now used by firms such as Revolut, Nubank, Afterpay, Patreon, and Mollie, following a period of accelerated growth in and a $12 million series A fund last year.
Fraud prevention fintech SEON raises $94m to expand globally – AltFi
