Fraud prevention platform Seon has acquired compliance and anti-money laundering (AML) firm Complytron for an undisclosed sum.
Thanks to the acquisiton, Seon will be able to offer “a vital single source” to fight fraud holistically and respond to “urgent demand” for AML solutions.
The platform will combine fraud, AML and data enrichment solutions to monitor financial transactions in real-time, detect signs of fraud and money laundering, and enable firms to run onboarding checks in the background.
SEON’s rule editing options, together with Complytron’s data, will leverage machine learning AI and real-time checks to combine intelligence from multiple sources, including international sanctions and crime lists, and watch lists of supervisory authorities and law enforcement.
Seon CEO and co-founder Tamas Kadar says the acquisition increases the firm’s total addressable market by approximately $6 billion and allows Seon to “instantly solve the challenges of risk and compliance management for even more businesses”.
“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 team,” Kadar adds.
Former Complytron CEO and current product manager of AML at Seon Oliver Lebhardt says: “This acquisition represents a major step in the battle to reduce FinCrime and will help sectors such as fintech, online lending, gaming, neobanking, e-commerce and travel, to prevent criminal activity via their platforms.”
The acquisition comes less than a year after the regtech successfully completed a $94 million Series B, led by Silicon Valley’s IVP.
