Seon raises $94 million to help fintechs meet sanctions obligations

Anglo-Hungarian fraud prevention startup Seon has raised $94 million to expand across the US, Latin America and Asia Pacific and to develop tools to help firms meet sanctions obligations.

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.

Seon’s annual recurring revenue roughly tripled in 2021, while its customer base more than doubled, to 250 from 100 as it opened new offices in Austin, Texas, and Jakarta, Indonesia.

The firm, whose technology is used by the likes of Revolut, Afterpay and Nubank, says it has seen increasing demand for software that can help firms meet anti-money laundering regulations, a sweet spot for fintechs which have been found wanting in compliance.

The company is also working on a feature that will verify businesses online and see if their shareholders are on any sanctions lists, considered a high priority amid the Russian evasion of Ukraine.

The Series B funding round, led by IVP, will also be used for geographical expansion as the company prepares to double its headcount to 400 employees..

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