- Fraud prevention fintech SEON has acquired anti-money laundering (AML) due diligence software program firm Complytron in a deal at the moment.
- SEON is leveraging Complytron’s experience to launch a brand new AML API, which can assist corporations adjust to the European Union’s Sixth Anti-Cash Laundering Directive (6AMLD).
- Phrases of the deal weren’t disclosed.
Two Hungary-based fintechs have mixed this week. Fraud prevention firm SEON acquired due diligence software program firm Complytron for an undisclosed quantity.
Complytron was based in 2019 after the founders obtained Google DNI funding for Supply Code Leak, a undertaking that used digital fingerprinting software program to kind connections between seemingly unrelated corporations. The group discovered a industrial use for the software program in serving to companies adjust to AML necessities. The corporate has obtained a complete of $275k (€257k) funding from a Seed spherical in 2020.
SEON is leveraging the acquisition to launch its new anti-money laundering (AML) API, which includes Complytron’s AML experience. The brand new API goals to assist purchasers adjust to the European Union’s Sixth Anti Cash Laundering Directive (6AMLD) by enabling them to examine buyer names towards politically uncovered individuals, kin and shut associates, and crimes and sanctions lists.
“Our purpose at SEON has all the time been to ship the perfect merchandise to our clients with most effectivity,” mentioned SEON CEO Tamas Kadar. “Fairly than constructing an AML resolution from the bottom up, it made good sense for us to combine Complytron’s proprietary algorithms and worldwide databases – in addition to the experience of its proficient crew.”
The brand new API presents steady monitoring that makes it straightforward for customers discover and block suspicious clients, add them to monitoring lists, and export the info for Suspicious Exercise Studies. The AML API is at the moment obtainable for all SEON purchasers, together with these utilizing the free model, which the corporate launched final 12 months.
In combining its flagship fraud prevention instruments with the brand new AML API, SEON goals to assist corporations scale back data silos, run extra thorough onboarding checks, and centralize buyer knowledge. The corporate is looking the combination a “essential first step” within the course of of making a whole threat administration toolkit.
Because it was based in 2017, SEON has raised a complete of $108 million. Earlier this 12 months, the corporate partnered with Bulgaria-based tbi financial institution, which can deploy SEON’s fraud detection instruments.
Photograph by Tima Miroshnichenko
