Budapest-based SEON – an anti-fraud platform that examines a customer’s “digital fingerprint” to weed out fake accounts and thereby prevent fraudulent transactions – has acquired compliance and AML firm Complytron, also based in Budapest.
Terms of the deal have not been officially released, but Techcrunch sources said the deal was in the range of €2.5 million, although SEON declined to comment. Complytron previously raised €257,000 from Budapest-based CVC Hiventures.
Complytron co-founder and CEO Oliver Lebhardt will join SEON along with co-founder and UX lead Abris Gryllus. A SEON spokesperson said the acquisition adds AML capabilities to SEON’s anti-fraud platform, enabling it to offer a broader increase in anti-fraud and AML services.
SEON competes with Emailage, Iovation, Threatmetrix, but scrutinizes social media accounts to weed out scammers. Last year, it raised a $94 million Series B funding round led by Silicon Valley-based IVP.
SEON says the addition of Complytron’s capability means it will be able to eliminate the need to search different AML databases separately, such as international sanctions and crime lists, data of Politically Exposed Persons (PEPs) and watch lists from national supervisory authorities and law enforcement agencies. , like Interpol and the FBI.
In a statement, Tamas Kadar, co-founder and CEO of SEON, said, “Less than a year after our $94 million Series B, we are executing on our mission to fight fraud and money laundering. .. Rather than building an AML solution from scratch, it made perfect sense for us to acquire Complytron’s extensive and innovative algorithms and global databases – along with the expertise of its talented team.
Lebhardt added, “We have followed the evolution of SEON’s story, following the business alongside its exciting growth trajectory. Now it’s great to be part of the mission and play a part in combining fraud prevention and anti-money laundering tools into one source. »
As part of the agreement, SEON acquires full rights to Complytron’s technologies, as well as the company’s personnel, including its dedicated AML team.
SEON was also named the hottest cybersecurity startup for 2022 by the Europas Awards, held annually.
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