SEON, a London-based startup that powers online fraud prevention, announced that it has raised US$94 million in Series B funding.
The round was led by Silicon Valley-based IVP with participation from existing investors Creandum and PortfoLion, as well as, angel investors including founders and senior executives from Aiven, Coinbase, DataDog, DoorDash, Figma, G2, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Wise.
The funding comes just a year after the company’s Series A where it had raised €10 million (close to US$13 million).
SEON said that the funds will be used to expand its presence in North America, LATAM, and APAC.
Additionally, SEON will also aims to build partnerships with leading e-commerce platforms, heighten product functionality, and integrate additional data sources to help customers better fight fraud.
In 2021, the company said that it had more than tripled its annual recurring revenue, grew its headcount by 4X, and opened new offices in Austin, and Jakarta.
Along with welcoming IVP into its portfolio of investors, SEON will appoint Michael Miao, Partner at IVP to its board.
Michael Miao
“Identity is one of the most important and biggest problems on the Internet. This product-led team is making a remarkable dent in fraud prevention by making it easy for every business to adopt its data-driven solution.
As fraud explodes at an exponential rate, IVP is honored to help guide this talented group as they work to expedite the fight against online fraud,”
said Michael Miao, Partner at IVP.
Tamas Kadar
“SEON is bringing something different to the fraud prevention market by offering an accessible and flexible solution, which delivers instant results.
Once discovered, our solution can be trialed by potential customers in less than 30 seconds and up and running in less than a day,”
said Tamas Kadar, CEO and Co-founder at SEON.
