LONDON — Seon, a start-up that helps fintech companies like Revolut tackle online fraud, has raised $94 million to develop new tools for preventing sanctions evasion by Russia.
The London-based company raised the fresh cash in a funding round led by IVP, the Silicon Valley investment firm that has backed the likes of Netflix and Twitter. IVP Partner Michael Miao has also joined Seon's board.
Existing investors Creandum, an early Spotify backer, and PortfoLion, also invested, as did numerous angel investors, including Coinbase Chief Operating Officer Emilie Choi and UiPath Chief Executive Daniel Dines.
Seon, which counts the likes of Revolut, Afterpay and Nubank as customers, said its technology is designed to make it easier for firms of all stripes to combat fraud.
Its software analyzes a consumer's email address, phone number and other data to build up a «digital footprint,» and uses machine learning to determine whether they're genuine or suspicious.
The firm is now valued at $500 million after its latest funding round, according to two people familiar with the matter, who preferred to remain anonymous discussing private information.
Tamas Kadar, Seon's CEO and co-founder, said his company has seen heightened demand for tools that root out transactions from «politically exposed persons» and individuals on sanctions lists amid Russia's invasion of Ukraine.
Part of the cash will be used to address the possible use of fintech apps for money laundering and sanctions evasion.
«We are working on an arm to support this need from our client base,» Kadar told CNBC.
Fintechs have come under increased pressure to address Russian sanctions evasion, particularly amid concerns that their controls may be more lax than that of banks.
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