London-based fraud prevention startup, SEON, has raised a $94M in Series B round led by Silicon Valley’s IVP.
Michael Miao, who is a Managing Partner at IVP, confirmed the development in a press statement on Tuesday.
Ripples Nigeria gathered that the London startup helps companies and consumers develop technology to fight the increasing sophisticated online fraud scams.
Miao earmarked “identity” as one of the biggest problems on the internet, acknowledging SEON’s contribution in the fight against the challenge.
He said: “Identity is one of the most important and biggest problems on the internet. This product-led team is making a remarkable dent in fraud prevention by making it easy for every business to adopt its data-driven solution.
“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.”
In his remarks, the CEO and co-founder of SEON, Tamas Kadar, noted that the vision of the startup was to adopt novel technology in the fight of fraud.
He said: “SEON is bringing something different to the fraud prevention market by offering an accessible and flexible solution, which delivers instant results.
“Once discovered, our solution can be trialled by potential customers in less than 30 seconds and up and running in less than a day.”