Budapest-based SEON, – an anti-fraud platform that looks at the ‘digital footprint’ of customers to eliminate fake accounts and thereby prevent fraudulent transactions – has gained compliance, and Comlitron, an AML specialist company, is also based in Budapest.
The terms of the deal have not been officially released, but TechCrush sources say the deal is in the €2.5M range, although SEON declined to comment. Complitron previously raised €257,000 from Budapest-based CVC Hiventures.
Oliver Lebhardt, founder and CEO of Complitron, will join SEON, along with entrepreneur and UX leader Abris Grillus. A SEN spokesperson said the acquisition will add AML capabilities to SEON’s fraud-fighting platform, enabling it to offer a broader range of anti-fraud and AML services.
SEON competes with EmailGage, Iovation, Tratmetrics, but also monitors social media accounts more closely to avoid scammers. Last year, it raised $94 million in Series B funding led by Silicon Valley-based IVP.
SEON says Complytron’s increased capacity means it eliminates the need for separate searches across various AML databases, such as international sanctions and criminal lists, Politically Exposed Persons (PEP) databases, and watch lists of regulatory authorities and national law enforcement agencies. Like Interpol and the FBI.
“Less than a year after our $94 million Series B funding, we’re working on our mission to fight fraud and money laundering… Instead of building AML from the ground up, we’re leveraging Complytron’s extensive and innovative algorithms and global databases,” SEON co-founder and CEO Tamas Kadar said in a statement. – It also made perfect sense to have the talented team.
Lebhadt added: “Alongside its exciting growth trajectory, we have watched the SEN story unfold by following the business. Now it’s great to be a part of the mission and play a role in preventing fraud and consolidating AML tools into one source.
As part of the deal, SEON will acquire full rights to Complitron Technologies, as well as the company’s employees, including its independent AML team.
SEON has been named the hottest cybersecurity startup for 2022 at the annual Europa Awards.