SEON Saves Customers $50 Million In Potential Fraud

SEON, the fraud fighters, announced significant company achievements and growth in 2021 underscoring the value of fraud prevention. Notable milestones for the company include gaining recognition as the world’s fastest growing fraud prevention company according to Deloitte, securing Series A funding, new partnerships and customers, and the launch of new device fingerprinting solutions.

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“Online fraud is a huge issue, with major economic and societal implications. As a business, we’re looking to tackle this challenge head on by democratizing fraud protection solutions across the internet. Moving forward, our business economics are now shaping up for another year of fantastic growth,” said Bence Jendruszak, Chief Operating Officer and co-founder at SEON. “I think SEON’s rise in 2021 demonstrates our real product-market fit and highlights how we’re addressing the true needs of businesses by plugging a significant gap in the market. Over the past twelve months, we’ve really come of age and have quickly become a standout player not only in the fraud prevention space, but within the broader technology sector.”

2021 highlights include:

• Serving over 5,000 merchants and reviewing over 1 billion transactions. SEON has saved customers more than $50 million in potentially fraudulent transactions
• Included in Deloitte Technology’s ‘Fast 50 Central Europe 2021’
• Closed a $12 million funding round led by Creandum which represented the largest Series A investment in Hungarian history
• SEON has quadrupled in size with over 150 new hires and entered key markets with the opening of two strategic offices in Austin and Jakarta
• Featured in the TechRound 100 list
• Built partnerships with ambitious fintechs such as Revolut, Mollie, Xendit Merquero and emerging blockchain based fantasy football company Sorare.
• Opened access to financial support in underserved areas with partnerships such as African neobanks, Carbon and FairMoney.
• Launched an enterprise-grade fraud detection app on the Shopify platform to protect small and medium sized businesses
• Improved their software to protect against increasingly aggressive fraud rings and fraud tactics by modernizing its device fingerprinting solution and introduced Phone API 1.2 and IP API 1.1, which now enables its system to detect temporary numbers, burner phones and harmful IP addresses.

“SEON is the world’s fastest growing fraud prevention company, and its incredible growth shows no sign of slowing down. Over the past year, the company has increased the number of clients it serves rapidly, and helped to prevent considerable volumes of fraudulent transactions taking place. We’re delighted to be part of this exciting business journey as the company works to achieve its goal of democratising the fight against online fraud,” commented Simon Schmincke, General Partner at Creandum.

SEON plans to double their company size in 2022 and is expected to continue its path towards achieving a ‘triple, triple, double, double, double’ (T2D3) growth trajectory.

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