Budapest based SEON— an anti-fraud platform that looks at a customer’s ‘digital footprint’ to weed out fake bills to prevent fraudulent transactions — Acquired Compliance and AML Specialist, Complytronalso based in Budapest.
The terms of the deal have not been officially released, but Techcrunch sources said the deal was worth around €2.5 million, though SEON declined to comment. Complytron had before raised € 257,000 from CVC Hiventures of Budapest.
Complytron’s 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, enabling it to offer a wider range of anti-fraud and AML services.
SEON competes with Emailage, Iovation, Threatmetrix, but looks heavily at social media accounts to weed out fraudsters. Last year, it raised a $94 million Series B funding round led by Silicon Valley-based IVP.
SEON claims that the addition of Complytron’s capability means it will obviate the need for separate searches across different AML databases, such as international sanctions and crime lists, Politically Exposed Persons (PEP) databases, and watch lists of regulatory authorities and national law enforcement. such as Interpol and the FBI.
In a statement, Tamas Kadar, co-founder and CEO of SEON noted, “Less than a year after our $94 million Series B, we are executing on our mission to combat fraud and anti-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 watched the SEON story unfold and kept up with the company alongside its exciting growth trajectory. It is now exciting to be part of the mission and play a role in combining fraud prevention and AML tools into a single source.”
As part of the deal, SEON will acquire full rights to Complytron’s technologies, as well as the company’s workforce, including the dedicated AML team.
SEON was also named the most popular cybersecurity startup for 2022 by The Europas Awardsheld annually.