Reacting to a surge in anti-money laundering fines, fraud prevention company Seon has acquired compliance and financial crime specialist firm, Complytron
The deal, which officially completed in January 2023, marks Seon's ambitions for growth since its record-breaking $94M Series B investment in early 2022.
Coming off the back of a global surge in AML fines, which rose by 50% in the past year, the acquisition instantly adds AML capabilities to Seon’s fraud fighting toolkit, providing a single source for FinCrime intelligence to help address evolving regulatory requirements.
The combined platform will monitor financial transactions in real-time to detect signs of fraud and money laundering, all while enabling onboarding checks to run silently in the background. Crucially, the platform will be able to discover hidden, risky relationships on behalf of clients by assessing not only customers, but the people they’re connected to.
Speaking on the acquisition, Tamas Kadar, co-founder and CEO of Seon comments: “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.
"By completing this acquisition, we have increased our total addressable market by approximately $6 billion."
As part of the deal, Seon acquires full rights to Complytron’s technologies, as well as the company’s staff, including its dedicated AML team. Complytron’s co-founder and CEO, Oliver Lebhardt, will join Seon along with co-founder and UX lead, Abris Gryllus.
Financial terms of the transaction were not disclosed.