Post Series-B, anti-fraud platform SEON acquires AML startup Complytron for €2.5 million rumored TechCrunch
based in Budapest SEON— an anti-fraud platform that looks at the ‘digital footprint’ of customers to weed out fake accounts and thus prevent fraudulent transactions — has gained the firm of AML and compliance specialists, followalso based in Budapest.
Terms of the deal were not officially announced, but Techcrunch sources say the deal is in the range of €2.5 million, although SEON declined to comment. Complytron previously had lift up €257,000 from Budapest-based CVC Hiventures.
Complytron Co-Founder and CEO, Oliver Lebhardt, will join SEON alongside co-founder and UX leader, Abris Gryllus. A spokesperson for SEON said the acquisition adds AML capabilities to SEON’s anti-fraud platform, which will allow it to offer more anti-fraud and AML services.
SEON competes with Emailage, Iovation, Threatmetrix, but focuses on social media accounts to weed out scammers. Last year it raised $94 million Series B funding round led by Silicon Valley-based IVP.
SEON claims the addition of Complytron’s capabilities means it will be able to eliminate the need for separate searches across different AML databases, such as international crime and punishment lists, databases Political Exposed Persons (PEP) data and watch lists of national law enforcement and watchdog agencies, such as Interpol and the FBI.
In a statement, Tamas Kadar, co-founder and CEO of SEON, commented, “Less than a year since our $94 million Series B, we are on a mission to fight fraud. Fraud and Anti-Money Laundering… Rather than building an AML solution from the ground up, it makes sense for us to have Complytron’s innovative and scalable algorithms and worldwide database – as well as expertise. of their talented team.”
Lebhardt added: “We have watched the SEON story unfold, keeping up with the business and its exciting growth trajectory. Now it’s great to be part of the mission and play the role of bringing together AML and fraud prevention tools into a single source.”
As part of the agreement, SEON has full rights to Complytron’s technologies, as well as its employees, including the company’s dedicated AML team.
SEON is also named The hottest cybersecurity startup in 2022 by The Europas Awardsheld annually.