Budapest-based SEON, — an anti-fraud platform which appears at a buyer’s ‘digital footprint’ to weed out false accounts and thus stop fraudulent transactions — has acquired compliance and AML specialist agency, Complytron, additionally primarily based out of Budapest.
Phrases of the deal weren’t formally launched, however Techcrunch sources stated the deal was within the area of €2.5M, though SEON declined to remark. Complytron had beforehand raised €257,000 from Budapest-based CVC Hiventures.
Complytron’s co-founder and CEO, Oliver Lebhardt, will be part of SEON together with co-founder and UX lead, Abris Gryllus. A SEON spokesperson stated the acquisition provides AML capabilities to SEON’s fraud-fighting platform, which can allow it to supply a wider increase of anti-fraud and AML providers.
SEON competes with Emailage, Iovation, Threatmetrix, however appears closely at social media accounts to weed out fraudsters. Final 12 months it raised a $94 million Collection B funding spherical led by Silicon Valley-based IVP.
SEON claims the addition of Complytron’s functionality means will probably be in a position to remove the necessity for separate searches throughout totally different AML databases, akin to worldwide sanctions and crime lists, Politically Uncovered Individuals (PEP) databases, and watch lists of supervisory authorities and nationwide regulation enforcement, akin to Interpol and the FBI.
In an announcement, Tamas Kadar, co-founder and CEO of SEON, commented: “Lower than a 12 months on from our $94M Collection B, we’re executing on our mission to combat fraud and fight cash laundering… Moderately than constructing an AML resolution from the bottom up, it made excellent sense for us to amass Complytron’s intensive and progressive algorithms and worldwide databases – in addition to the experience of its proficient crew.”
Lebhardt added: “We’ve watched the SEON story unfold, maintaining with the enterprise alongside its thrilling development trajectory. It’s now nice to be part of the mission, and to play a job in combining fraud prevention and AML instruments right into a single supply.”
As a part of the deal, SEON acquires full rights to Complytron’s applied sciences, in addition to the corporate’s employees, together with its devoted AML crew.
SEON was additionally named the most well liked cyber safety startup for 2022 by The Europas Awards, held yearly.
