SEON buys Complytron to create a ‘single source for fincrime intelligence’
Global fraud prevention company SEON has acquired compliance and anti-money laundering (AML) firm Complytron, adding AML capabilities to its fraud-fighting toolkit to launch a unified fraud, AML and fincrime platform.
The deal, which officially completed in January 2023, follows SEON’s $94 million Series B investment in early 2022.
As part of the deal, SEON has acquired full rights to Complytron’s technologies, as well as the company’s employees, which includes its dedicated AML team.
Complytron’s co-founder and chief executive officer Oliver Lebhardt will join SEON, along with co-founder and UX lead Abris Gryllus and his team.
According to SEON, the transaction means it now offers a “vital single source for fincrime intelligence combined with decision functionality to help address evolving regulatory requirements”.
Tamas Kadar, co-founder and chief executive officer of SEON, said: “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 talented team.”
He added that the completion of the acquisition has increased SEON’s total addressable market by approximately $6 billion.
“This means we are instantly able to solve the challenges of risk and compliance management for even more businesses,” said Kadar.
“In today’s landscape, having this 360° view of individuals and business partners isn’t an option, it’s a regulatory must.”
Lebhardt added: “We’ve watched the SEON story unfold, keeping up with the business alongside its exciting growth trajectory. It’s now great to be a part of the mission, and to play a role in combining fraud prevention and AML tools into a single source.
“This acquisition represents a major step in the battle to reduce fincrime and will help sectors such as fintech, online lending, gaming, neobanking, ecommerce and travel, to prevent criminal activity via their platforms.”
SEON has plans to launch in the US this year and grow its 300-strong team.