Online fraud prevention start-up SEON raises $94 million in Series B funding round

London-based Anglo-Hungarian start-up SEON has raised $94 million in its Series B funding round, forging the company's path towards becoming a market leader in online fraud prevention.

The round was led by Silicon Valley-based IVP and included existing investors Creandum and PortfoLion. Angel investors including founders and senior executives from product-led tech companies Aiven, Coinbase, DataDog, DoorDash, Figma, G2, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Wise also participated in the round. We advised SEON on the transaction in collaboration with Wilson Sonsini Goodrich & Rosati.

SEON is an online fraud prevention system for fintech industry leaders such as Revolut, NuBank, Afterpay, Patreon, Sorare and mollie. The company’s industry-leading solution uses AI and fully explainable machine learning to adapt across sectors.

The funding will be used to expand SEON's geographic presence in North America, LATAM and Asia as well as focusing on key partnerships with leading e-commerce platforms, product development and integrating new data sources to best fight online fraud.

Commenting on the deal, Ian Moore, corporate technology partner said: "The work SEON is doing to fight online fraud, which is rapidly growing in scale and complexity, is a game-changing solution for the finance industry. Our work in advising SEON on its Series B funding marks an important step in the company's journey to grow internationally and continue its important work for the sector, and we look forward to seeing SEON flourish."

The team was led by partner Ian Moore with support from partner Helen Farr, senior associate Simon Jupp and associate Baharak Zargarei.