Publish Sequence-B, anti-fraud platform SEON acquires AML startup Complytron for a rumoured €2.5M • TechCrunch

Budapest-based SEON, — an anti-fraud platform which seems at a buyer’s ‘digital footprint’ to weed out false accounts and thus stop fraudulent transactions —  has acquired compliance and AML specialist agency,  Complytron, additionally primarily based out of Budapest.

Phrases of the deal weren’t formally launched, however Techcrunch sources stated the deal was within the area of €2.5M, though SEON declined to remark. Complytron had beforehand raised €257,000 from Budapest-based CVC Hiventures.

Complytron’s co-founder and CEO, Oliver Lebhardt, will be part of SEON together with co-founder and UX lead, Abris Gryllus. A SEON spokesperson stated the acquisition provides AML capabilities to SEON’s fraud-fighting platform, which is able to allow it to supply a wider increase of anti-fraud and AML providers.

SEON competes with Emailage, Iovation, Threatmetrix, however seems closely at social media accounts to weed out fraudsters. Final yr it raised a $94 million Sequence B funding spherical led by Silicon Valley-based IVP.

SEON claims the addition of Complytron’s functionality means will probably be capable of get rid of the necessity for separate searches throughout completely different AML databases, resembling worldwide sanctions and crime lists, Politically Uncovered  Individuals (PEP) databases, and watch lists of supervisory authorities and nationwide regulation enforcement, resembling Interpol and the FBI.

In a press release, Tamas Kadar, co-founder and CEO of SEON, commented: “Lower than a yr on from our $94M Sequence B, we’re executing on our mission to battle  fraud and fight cash laundering… Somewhat than constructing an AML answer from the bottom up, it made good sense for us to amass Complytron’s intensive and modern algorithms  and worldwide databases – in addition to the experience of its proficient crew.”

Lebhardt added: “We’ve watched the SEON story unfold, maintaining with the enterprise alongside its thrilling progress trajectory. It’s now nice to be part of the mission, and to play a job in combining fraud prevention and AML instruments right into a single supply.”

As a part of the deal, SEON acquires full rights to Complytron’s applied sciences, in addition to the corporate’s workers, together with its devoted AML crew.

SEON was additionally named the hottest cyber safety startup for 2022 by The Europas Awards, held yearly.