London anti-fraud firm SEON has bagged a $94m (£72m) cash injection today as firms look to fight off a wave of online fraud brought on by the mass shift to digital platforms through the pandemic.
The fresh funding for SEON, which partners with digital and e-commerce firms to detect and stamp out fraud based on their so-called “digital footprint”, was led by Silicon Valley-based IVP alongside existing investors Creandum and PortfoLion as well as a host of angel investors.
SEON boss Tamas Kadar said the shift to digital platforms through the pandemic made anti-fraud software essential.
“SEON is bringing something different to the fraud prevention market by offering an accessible and flexible solution, which delivers instant results,” he said.
“Once discovered, our solution can be trialled by potential customers in less than 30 seconds and up and running in less than a day.”
Bosses said the firm was now looking to partner with more e-commerce firms and ramp up its presence in North America, LATAM, and APAC, after online fraud has boomed through the pandemic.
The value of losses due to ecommerce fraud hit $17.5bn in 2020 and rose to over $20bn in 2021, as shoppers increasingly flocked to online platforms through the pandemic, according to a report from Juniper Research.
MPs also warned earlier this year that the government was failing to do enough to stop fraud after a rise in scam ads online.
Michael Miao, Partner at IVP that backed the fresh round into SEON, said anti-fraud software was now more important than ever.
“Identity is one of the most important and biggest problems on the Internet,” he said.
“As fraud explodes at an exponential rate, IVP is honoured to help guide this talented group as they work to expedite the fight against online fraud.”