Hungarian anti-fraud company SEON acquires Complytron, AML/KYC screening tools provider
06 February, 2023, 17:10
The Budapest-based SEON, the developer of an anti-fraud platform, has acquired compliance and AML specialist firm, Complytron. The terms of the deal are not officially disclosed. According to TechCrunch estimate, the amount of the deal is €2.5 million.
- Founded in 2017 by Bence Jendruszak and Tamas Kadar, SEON develops software to detect fraud in real-time through transactional data analysis. Its software uses ML and human intelligence algorithms to collect information about transactions, integrates with a device fingerprinting module, and combines email verification and IP address analysis. It allows businesses to detect and eliminate fraudulent activities, and maintain data security.
- SEON is based in Budapest, with commercial headquarters in London, UK. Last year, the startup raised $94 million in a Series B funding round led by Silicon Valley-based IVP.
“Less than a year on from our $94M Series B, we’re executing on our mission to fight fraud and combat money laundering… Rather than building an AML solution from the ground up, it made perfect sense for us to acquire Complytron’s extensive and innovative algorithms and worldwide databases – as well as the expertise of its talented team,”Tamas Kadar, co-founder and CEO of SEON, commented.
- Complytron was launched by Oliver Lebhardt, Abris Gryllus, and Zoltan Varju in 2019. It develops AML/KYC screening tools such as sanctions monitoring, PEP checks, artificial intelligence, and machine learning-based network analysis to provide a probability assessment of any online connection to a network of high-risk legal entities for businesses of all sizes.
- SEON claims that the acquisition was made in reaction to the need for reliable AML solutions as the world prepares for a political and humanitarian environment that is becoming more and more unstable. The acquisition will allow increasing their total addressable market by approximately $6 billion.
- Under the deal, SEON will receive full ownership of Complytron’s technologies as well as its personnel, including its specialized AML team. Oliver Lebhardt, co-founder and CEO of Complytron, will join SEON together with Abris Gryllus, co-founder and UX lead.