Fraud prevention and AML platform SEON recently announced it had raised $80 million in Series C funding led by Sixth Street Growth, with participation from existing investors IVP, Creandum and Firebolt, and new investor Hearst. The funding brings the company’s total funding to $187 million and will support global expansion and AI-powered product development, the company said in a news release.
The Austin and Budapest-based company provides fraud prevention and compliance services to customers including Revolut, Plaid, Nubank, Afterpay, Spotify and Entain. SEON’s platform combines customer onboarding, compliance and fraud prevention capabilities through a single API.
“Our mission has always been clear: to enable companies to prevent fraud without impeding legitimate growth,” Tamas Kadar, co-founder and CEO of SEON, said in the news release. The company will use the funding to accelerate expansion in Asia-Pacific and Latin America while advancing AI-powered real-time detection capabilities.
