based in Budapest SEON— an anti-fraud platform that scans a customer’s “fingerprint” to weed out fake accounts to prevent fraudulent transactions — has acquired a specialist AML and compliance firm, complytronalso based in Budapest.
Terms of the deal were not officially released, but Techcrunch sources said the deal was around €2.5 million, though SEON declined to comment. Complytron had previously increase €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. An SEON spokesperson said the acquisition adds AML capabilities to SEON’s anti-fraud platform, allowing it to offer a broader range of AML and anti-fraud services.
SEON competes with Emailage, Iovation, Threatmetrix, but pays close attention to 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 claims that the addition of Complytron capability means it will be able to eliminate the need to run separate searches across different AML databases, such as international sanctions and crime lists, politically exposed persons (PEP) databases, and drug watch lists. national law enforcement and supervisory authorities. such as Interpol and the FBI.
In a statement, Tamas Kadar, Co-Founder and CEO of SEON, commented: “With less than a year to go into our $94 million Series B, we are executing on our mission to fight fraud and combat money laundering…Instead of building an AML solution from the ground up, it made perfect sense for us to acquire Complytron’s extensive and innovative algorithms and global databases, as well as the expertise of its talented team.”
Lebhardt added: “We have seen the story of SEON unfold, keeping up with the business along with its exciting trajectory of growth. Now it’s great to be a part of the mission and play a role in combining AML and fraud prevention tools into one source.”
As part of the agreement, SEON acquires all rights to Complytron’s technologies, as well as the company’s personnel, including its dedicated AML team.
SEON was also named the Most Popular Cyber Security Startup of 2022 by The Europas Awardswhich is held annually.
