PortfoLion and Fiedler Capital are assisting the international expansion of the cyber security startup with a €500 thousand investment.
Using the raised funds SEON will be able to open towards new markets and industries.
Cybercrime damage costs are estimated to soar past $6 trillion annually by 2021. Experts predict that companies will spend over $1 trillion in cybersecurity services from 2017 to 2021 to counterbalance this growing threat. Clearly, cybersecurity will continue to be a major priority for startups and large enterprises alike.
Tamás Kádár and Bence Jendruszák have recognized these trends early on and they didn’t hesitate to establish the company in 2017. SEON’s supercharged fraud prevention system is using Machine Learning to detect fraudulent actions, like credit card fraud, identity theft, account takeover and other abuses. The most common users of SEON’s product are high risk merchants and payment service providers. Contrary to their competitors, SEON’s product is an out-of-the-box solution, because it provides a fully transparent picture of why the surveyed users were given the certain risk classification. With the help of the investment, the Hungarian startup can concentrate on a bigger market and they can gain advantage over their US-based competitors.
Digital security in all areas of the world has become a key factor. This won’t change in the future either, because cyber security will be a major priority in the economic growth of companies. In parallel the PSD2 regulations have also increased the significance of SEON’s solution and all cyber security services. During SEON’s one year of its existence the startup earned several large international clients and it could constantly extend its team. Due to these facts, PortfoLion also decided -besides the former investors- that the first investment of the OTP Digital Venture Capital Fund will be the cyber security startup. With this collaboration, thousands of companies can create a safe environment for their clients with just a few clicks.