At SEON, we know fraud never sleeps, which is why we’re always more interested in learning about future trends than looking back at the past.
But every now and then, it helps to pause and put things in perspective.
And after seeing how much our business grew over the last two years, we thought it was time to share our key milestones with clients, investors, employees and partners.
€1M Raised in Seed Capital
Our biggest news of 2019 was our pre-series A funding round, which raised €1M from investors. But the key numbers that help understand that sum are the ones showing our earnings and growth.
SEON is one of the rare startups to be profitable only 2 years after launch, tripling year on year gross revenue and ending 2019 with “infinite runway.”
In one year only, we have doubled our number of clients, and shown a proven track record of key wins in high-risk verticals such as: online lending, gambling, casino, sportsbook, crypto, forex verticals and retail banks.
New London Office, Global Team
To position SEON as a global leader in fraud prevention, we opened a new London office in the heart of Soho. It will act as our Global Commercial HQ, and a hub from which to coordinate our international team.
Speaking of the team, it doubled in numbers in 2019, now counting 20 FTEs from a multinational workforce based in Hungary, Serbia, Mexico, Ukraine and UK, amongst others.
We continue to focus our efforts on sourcing the best talent from top-rated student organisations, which helps us remain agile, relevant, and with a finger on the pulse of the newest disruptive technologies.
Welcoming Our New CCO
“I have been part of several fraud-tech startups success stories. Sadly, I saw them grow rapidly and lose their essence in the process. But SEON abides by one key principle: build something simple that people love to use.”
– Jimmy Fong, the new CCO of SEON
Early this year, we welcomed Jimmy Fong as our new CCO, and couldn’t be more pleased with this addition to the team.
A young veteran in the fraud industry sphere, Jimmy helped 3 startups reach full acquisition by powerhouse brands such as Visa, Ingenico, and, most recently, American Express.
In his Medium post announcing the move to SEON, he highlights how our company is a clear contender to carve out a mark in the crowded anti-fraud space, and we truly believe his vision and expertise will help us scale even further in the oncoming years.
In 2019, SEON made the Regtech 100, the Forbes list of the Hottest Hungarian Startups, and won first place at the Pitchit event at Lendit Fintech Europe.
None of this would have been possible without the feedback from our clients and the hard work of our developers who tirelessly improved our products with:
- 22 new release of backend versions
- More data points for our device fingerprinting module
- Extended social media profiling for email addresses
- Unlimited seats of team management
- A new sandbox environment for testing
- Converted ML rules to a human-readable format
- New percentage comparison and proportional scoring in velocity rules
- New IP API
But the most noteworthy releases of 2019 were undoubtedly our Phone API and Intelligence Tool. The former was a long-requested feature from clients, and we are proud to reveal that it is completely operational, including our highly-successful social media profiling feature.
Our fraud detection service represents everything SEON stands for in API form: namely, the ability to let fraud managers enrich data as easily and seamlessly as possible.
The Power of Education Against Fraud
One of our strongest beliefs at SEON is that fraud prevention should be made simple. This philosophy is at the core of our products, and also how we communicate solutions for businesses.
This is why we’re proud to say that, in 2019, we hosted 6 webinars and created 28 blog posts designed to educate industry insiders and fraud managers about challenges due to fraud.
Looking Towards a Fraud-Free Future
So what next for SEON? We will continue growing, with a target of another 200% increase in revenue. We will double our workforce once more, with a special focus on customer success and support.
We will also expand our offices in Budapest, and, of course, continue working tirelessly on exciting product features — all built with the goal of helping fraud managers and grow businesses safer, and with complete peace of mind.
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