The almost��£9��million��round is the largest��Series A��ever raised by a Hungarian company and includes��further investment from��VC��PortfoLion, part of OTP Bank.��

As part of the funding round, SEON has added the following industry leaders to its table of current shareholders: N26 founders Maximilian��Tayenthal��and Valentin Stalf,��SumUp��founders Stefan��Jeschonnek��and Jan Deepen, Tide CEO Laurence Krieger,��Revolut��ex-CFO Peter O’Higgins,��iZettle��ex-chief Product Officer Leo Nilsson,��Onfido��co–founder Eamon��Jubawy��and��ComplyAdvantage��founder Charlie��Delingpole.��

The company employs��four people��in��its London Soho office,��which accounts for roughly 20% of its revenue.��

“The UK is the heart of FinTech. Its angels are key in the��FinCrime��world and SEON’s tech is highly complementary in the UK,” a spokesperson told���Ͼ�Ʒ��Cloud.��

“SEON aims to double��or��triple its commercial HQ in London and have it account for 30% + of revenue.”��

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SEON is a fraud-detection solution that draws on data from across the internet to establish customers’ digital footprints to wean out false accounts and prevent fraudulent transactions from taking place.����

It already supports companies from a wide range of industries, including��Patreon,��AirFrance, Rivalry��and��Ladbrokes by having its technology operate in real time, with no stale data and zero false positives, a paradigm shift from previous proprietary databases to true real time fraud prevention.��

Having launched in the second half of 2017, SEON has been consistently profitable since the end of 2019.��

It experienced rapid growth in 2020, accelerated by the COVID-19 paradigm shift. This is due to operating in some key fast-growing verticals such as��neobanks, esports, iGaming, Forex and crypto trading.����

The investment will support SEON’s continued growth, by adding to their highly skilled teams located in Budapest and London, as well as further global expansion.��

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CEO and��founder Tamas Kadar commented: “We’re extremely pleased to have completed our latest funding round, led by��Creandum, joining its exciting tech portfolio.����

“We feel we have found a like-minded investor to work closely with to pursue the significant global opportunity for our business as we continue to democratise fraud fighting.”��

Bence��Jendruszak, COO and��co-founder,��added: “For all our achievements in such a short time span we feel like we are still only getting started.����

“We are still seen as the new kids on the block in a crowded market, but with this latest round of funding we can add more leading talent to our team to further grow our product led growth and eradicate online fraud.”����

Simon Schmincke, General Partner at��Creandum, said: “At��Creandum, we believe cybercrime will be one of the most serious threats of the 21st century.����

“With SEON, we’ve found an anti-fraud solution that’s effective, affordable, flexible, intuitive, and clearly proves its ROI. We are super excited to be part of SEON’s journey to capture the hyper-growth, anti-fraud market.“��

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SteelEye,��which has seen rapid growth in Europe since launching in 2017, delivers��a��SaaS-based regulatory technology platform that allows banks, brokers, and asset managers to simplify their compliance processes across various EU, UK and now US market regulations.��

It says its��platform reduces the complexity and cost of financial compliance by providing a range of regulatory tools that support effortless compliance management, allowing compliance teams to improve efficiencies, reporting accuracy and overall transparency.��

The business raised more than��£12��million through two funding rounds in 2020. The first was led by��Fidelity International Strategic Ventures alongside existing investor Illuminate Financial.����

The second and more recent round was completed in December,��with US–based investor Beacon Equity Partners leading the round. Ed Mullen, founder of Beacon, is joining the��SteelEye��Board of Directors.��

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“The US and Canadian markets are crying out for a new way to oversee their conduct and trading activity,” said CEO Matt Smith.����

“Our technology is a huge opportunity for firms needing to reduce the complexity and cost of compliance, which in some cases represents as much as 10% of a firm’s non–interest expenses.��

“There is a clear demand for technology that improves compliance accuracy while simplifying processes in the North American market –��SteelEye��is the perfect solution to support firms.����

“We are delighted to be working with Ed and the team at Beacon Equity Partners, whose expertise in scaling global businesses will be instrumental as we expand into North America.”��

Introduced in 2010 under the Obama administration, the Dodd-Frank Wall Street Reform and Consumer Protection Act initiated a variety of additional regulatory requirements for financial firms to improve accountability and transparency.����

Adhering to this legislation more than��10��years after its introduction continues to be a challenge many firms are seeking to address.��

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SteelEye��says a��driver for entering the US market is the COVID-19 crisis. The pandemic has inundated compliance teams with investigations and, consequently, created an urgent need to explore new monitoring measures for regulated employees to ensure compliance with regulatory requirements while working from home.��

This operational barrier has been compounded further by ongoing regulatory pressures and soaring trading volumes, intense volatility, market uncertainty and a large increase in e-communications caused by the pandemic.��

Mullen��said: “SteelEye��has a unique value proposition, combining communications oversight, trade surveillance and regulatory reporting on a single platform.����

“There is great potential in the US for a service that simplifies compliance for financial firms, and we are delighted to support��SteelEye��as they enter this market.”��

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ScribeStar,��a services partner for the London Stock Exchange, aims to��improve the efficiency and reduce the cost and time required to produce these��documents and regulatory filings��–��and subsequent approval for them – using its cloud platform.��

£865,000 of the investment came from a��crowdfunding campaign on��Crowdcube, nearly 75% more than the target��of £500,000.��

Adam Shaw, Executive Chairman and a co-founder of��ScribeStar, commented: “We are delighted to see so much interest in our platform that we raised almost 75% more than we targeted on��Crowdcube. We are very pleased to welcome our new investors and to receive the continued support from our current shareholders.����

“The new funding will enable us to continue expanding our customer base in the UK and other regulated markets. It also allows us to further develop our unique technological advantages that lawyers find so useful in making verification and regulatory filings much more efficient than is possible with current methods.����

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“With these advances and the��interest��we are seeing from stock exchanges, we are moving a step closer to realising our vision of building a single digital ecosystem for capital markets.”��

London-based��ScribeStar’s��key users are lawyers, issuers, regulators, stock exchanges and the other advisers in the public capital markets space.��It��has now put almost 60 equity, debt and public takeover transactions through its platform and is continuing to work with pioneering law firms such as CMS, Taylor Wessing and Travers Smith.��

These complex document sets require careful project management, precise version control, separate typesetting for printing/publication, time-consuming content verification/fact-checking and regulatory compliance approvals.����

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ScribeStar��has been built specifically to offer all these features in a versatile way, where all required capabilities are available in one ecosystem that handles the information from first draft to final publication, with the ability to go straight to printing without third party typesetting.��

It��will use the funds to further its expansion��and to help traditional and blockchain-based stock exchanges digitise their platforms for the non-trading processes related to fund raising and compliance.��

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Amid the��shift to working from home during a year of COVID-19 lockdowns, the��firm’s��tools��enable businesses to supervise communication conducted on a range of different voice and digital platforms for risk and compliance purposes.��

Demand for cloud-based surveillance technology has grown significantly, with ‘work from anywhere’��becoming standard practice for many firms as they adjust to the post-pandemic economy.����

VoxSmart��says its��expertise in unstructured data processing and indexing allows clients to ensure best practice and accountability of their employee communications in the event of audit, dispute or misconduct.��

It first introduced compliant WhatsApp surveillance to the market in 2016 and its technology now captures three messages a second for Tier 1 financial institutions across capital markets, commodity trading and the broker-dealer market.��

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The lead investor in this investment round is��Toscafund��Asset Management LLP,��VoxSmart��says, building on strong support from UK Investment Manager��Deepbridge��Capital.��

It is one of the largest fundraises conducted for the��RegTech��and compliance sector.��

“As market practitioners we have always been acutely aware of market developments and working with market participants to shape our product development and innovation,” said CEO Oliver Blower.��

“As such it was important we found a partner who shared our vision and mission within financial services.����

“We believe that���մDz������ڳܲԻ�’s��global expertise and impressive market connectivity will be of tremendous benefit to��VoxSmart��in our next stage of growth.”��

The investment will fund further expansion and growth particularly into North America and the emerging markets as well as product development in key areas such as instant message capture on emerging channels such as Telegram and Signal as well as enhanced employee risk and productivity analysis.��

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George Koulouris, Partner at��Toscafund, said: “With this investment,��Toscafund��has assembled an extremely attractive portfolio of fast-growing businesses that are all contributing their technological skills to the digitization and evolution that is currently taking place in the financial services sector.����

“The opportunities to invest in this fundamental industry shift are hugely attractive for those with sufficient experience to recognise the genuine leaders in the space. We look forward to working with Oliver and his team.”��

Ian Warwick, Managing Partner at��Deepbridge��Capital, added: “We have been working with��VoxSmart��since 2017, via our EIS fund, and are immensely proud of what the team have built.����

“VoxSmart��is exactly the type of business the Enterprise Investment Scheme is designed to support, being a growth-focused unique technology with global reach. We look forward to working with��Toscafund��to help the business continue to grow.”��

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Elizabeth Bramlage has joined the London firm��as CMO while Amanda Ward has been appointed��as Vice President of People.��

Meanwhile��Vatsa��Narasimha, COO and CFO,��has joined��the company’s board.����

ComplyAdvantage��is transforming data risk management and financial crime detection and recently��revealed a��$50m��series C fundraise and record quarterly growth.��

It is��rapidly��accelerating its��expansion in the US, UK and Asia-Pacific regions.��

Founder and CEO Charles Delingpole said:��“Despite headwinds due to the global spread of��COVID-19, 2020 has been a strong year for��ComplyAdvantage.����

“We were able to seamlessly move to remote work in March,��honoured as a Technology Pioneer by the World Economic Forum in June, and closed our largest sales quarter while finalising our Series C funding in July.����

“This is thanks to our strong foundation of talent��and also��to��Vatsa��who led the effort behind our most recent round of funding.����

“I look forward to the rest of the year with a profound appreciation for what we have accomplished and excitement about the tasks ahead as we��continue on our journey of eliminating financial crime.����

“Vatsa��will be playing a pivotal role in leading the charge.”����

Bramlage brings deep industry expertise that includes executive leadership in financial services, payments, SME financing and fintech at companies including Amazon.com, American Express and Klarna.����

“ComplyAdvantage��sits at a fascinating intersection of data and technology. Focused on machine learning and natural language processing, the company��has the ability to��revolutionize data risk management. I look forward to working with the talented team to scale this visionary company,”��she��said.��

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