- Fraud prevention fintech SEON has acquired anti-money laundering (AML) due diligence software company Complytron in a deal today.
- SEON is leveraging Complytron’s expertise to launch a new AML API, which will help companies comply with the European Union’s Sixth Anti-Money Laundering Directive (6AMLD).
- Terms of the deal were not disclosed.
Two Hungary-based fintechs have combined this week. Fraud prevention company SEON acquired due diligence software company Complytron for an undisclosed amount.
Complytron was founded in 2019 after the founders received Google DNI funding for Source Code Leak, a project that used digital fingerprinting software to form connections between seemingly unrelated companies. The group found a commercial use for the software in helping firms comply with AML requirements. The company has received a total of $275k (€257k) funding from a Seed round in 2020.
SEON is leveraging the purchase to launch its new anti-money laundering (AML) API, which incorporates Complytron’s AML expertise. The new API aims to help clients comply with the European Union’s Sixth Anti Money Laundering Directive (6AMLD) by enabling them to check customer names against politically exposed persons, relatives and close associates, and crimes and sanctions lists.
“Our goal at SEON has always been to deliver the best products to our customers with maximum efficiency,” said SEON CEO Tamas Kadar. “Rather than building an AML solution from the ground up, it made perfect sense for us to integrate Complytron’s proprietary algorithms and worldwide databases – as well as the expertise of its talented team.”
The new API offers continuous monitoring that makes it easy for users find and block suspicious customers, add them to monitoring lists, and export the data for Suspicious Activity Reports. The AML API is currently available for all SEON clients, including those using the free version, which the company released last year.
In combining its flagship fraud prevention tools with the new AML API, SEON aims to help companies reduce information silos, run more thorough onboarding checks, and centralize customer data. The company is calling the integration a “crucial first step” in the process of creating a complete risk management toolkit.
Since it was founded in 2017, SEON has raised a total of $108 million. Earlier this year, the company partnered with Bulgaria-based tbi bank, which will deploy SEON’s fraud detection tools.