The Story of SEON’s €10M Series A Funding. The venture capital firm is known for backing the biggest Euro tech success stories, such as Spotify, Klarna, and Bolt. Angels joining Series A also include founders of N26, SumUp, Tide, Onfido, and ComplyAdvantage as well as the ex-CPO of iZettle and ex-CFO of Revolut.
Largest Series A in Hungarian Startup History
Setting a new record for Hungarian companies, this €10M Series A proves that CEE startups are gaining visibility on the world stage. Companies like UIPath, Brainly, and Vinted are also brandishing the flag for the region, demonstrating that it’s possible to attract international attention even when your headquarters aren’t based in a traditional startup hub. But of course, it all starts with the quality of the product.
Strong Risk Tech as a Cornerstone
From its earliest incarnation, SEON was always about solid technology. When Tamas and Bence couldn’t find a promising risk startup to protect their crypto exchange from fraudsters, they built it themselves. The products, in short, were designed as an antidote to legacy risk companies, whose expensive integrations and outdated data analysis tools did not meet the needs of small businesses. They wanted more agile tools with better results and faster implementation. SEON and its early adopters weren’t the only ones interested. Innovative anti-fraud technology is increasingly valued by big companies too. Air France, Avis, and Patreon are now all big fans.
Focusing on the Next Steps
Closing a funding round feels both like a victory and a challenge. The stakes get higher. Business decisions become more impactful. Luckily, SEON is already a sustainable startup. But it doesn’t mean they plan on resting on their laurels. SEON has a long-term game plan and a big mission: eradicating online fraud. This is only possible thanks to all the people at the startup who work hard every day to make it happen. Growing the team and enabling their growth and that of their products to benefit customers is precisely what this investment is all about.