Seon raised $94 million in Series B funding led by IVP and was joined by Creandum and PortfoLion.

Seon, a Budapest, Hungary-based SAAS developer of solution for financial fraud detections, announced closing series B at $94 million.

The money was raised from investors led by the Americans from IVP, and joined by existing VCs Sweden-based VC Creandum and Hungary's PortfoLion Venture Capital.

Michael Miao, Partner at IVP, will join the board of directors in conjunction with the deal.

Proceeds will be used to expand the startup’s presence in North America, LATAM, and APAC, build partnerships with e-commerce platforms, heighten product functionality, and integrate additional data sources to help customers better fight fraud.

Seon, founded in Tamas Kadar (CEO) and Bence Jendruszak, develops SAAS that is used for fraud-detection, as it establishes a customers’ digital footprint in order to weed out false accounts and thus prevent fraudulent transactions. Clients include Patreon, AirFrance, Rivalry, Revolut, NuBank, Afterpay, Patreon, Sorare, and Ladbrokes.

Seon previously raised some $14 million, with series A closed at $12 million in 2021. The captable includes multiple angel investors, also contribuitors to the current round - Maximilian Tayenthal and Valentin Stalf (N26 founders), Stefan Jeschonnek and Jan Deepen (SumUp founders), Laurence Krieger (Tide CEO), Peter O’Higgins (Revolut ex-CFO), Leo Nilsson (iZettle ex-chief Product Officer), Eamon Jubbawy (Onfido cofounder) and Charlie Delingpole (ComplyAdvantage founder).