SEON, the anti-fraud platform based out of Budapest, has acquired Complytron, a compliance and AML specialist firm. The move appears to further bolster SEON’s efforts in fighting fraudsters across the digital ecosystem. With over 12 years’ experience in developing innovative anti-fraud solutions, Complytron will be a valuable addition to SEON’s team as it focuses on combatting any fraudulent activity that may take place. By partnering with an expert within the field, SEON is sure to achieveDNA outcomes for its customers and protect them from any harm caused by fraudulent transactions.
Complytron, a Copenhagen-based artificial intelligence startup that uses machine learning algorithms to automate compliance with regulatory requirements, has been acquired by SEON, a software company based in Budapest. The deal was in the region of €2.5M, although SEON declined to comment. Complytron had previously raised €257,000 from Budapest-based CVC Hiventures.
Oliver Lebhardt and Abris Gryllus will be joining SEON, adding AML capabilities to the fraud-fighting platform. These additions will enable SEON to offer a wider raise of anti-fraud and AML services, opening up new opportunities for businesses across the globe.
Though Emailage, Iovation, Threatmetrix, and others have long been popular in the fraud prevention arena, Santa Clara-based SEON has taken a unique approach by heavily relying on social media to identify potential fraudsters. With this strategy, SEON estimates that it has avoided responsibility for $94 million worth of fraudulent activity since it was founded in 2013.
Speed and accuracy are key benefits of Complytron’s capabilities, as are its ability to integrate with other existing AML technologies. This will make it easier for financial institutions to comply with a broad array of regulatory programs, including those related to terrorism and financial crime.
The acquisition of Complytron will provide SEON with a comprehensive and innovative AML solution that will help combat fraud and money laundering. The algorithms and databases that are being acquired are extensive and have been used by various financial institutions worldwide, making them an ideal fit for SEON.
SEON has been a relatively successful company, owing in part to its incorporation of new and innovative fraud prevention and AML tools. These tools make it easy for the company to identify and prevent fraud, while providing detailed information on individual financial transactions. In addition, the incorporation of these tools into a single source makes it easier for SEON to monitor transactions and keep track of possible criminal activity.
The acquisition of Complytron will give SEON a dedicated AML team and technologies that can be used to combat financial crimes. The team’s previous work with SEON in developing compliance algorithms will likely benefit the company’s customers and employees.
The Europas Awards show that SEON is a hot cyber security startup for 2022. With its cutting-edge technology and innovative solutions, SEON is quickly becoming a leading player in the industry. Their initiatives such as ‘The Safe Space’, which provides cyber security education to young people, are commendable and demonstrate their commitment to making the world a safer place.