SEON opens office in Austin to fight fraud in North America – VanillaPlus
SEON, have opened a new office in Austin, Texas. The move marks the company’s expansion into the North American market as it adds new strategic hires to better serve its clients and continues its mission of removing barriers to fraud prevention around the world.
Advances in the North American market are the next phase of SEON’s growth plan. In its initial phase, the company enjoyed great success in the European, Latin American (LatAm) and Asia-Pacific (APAC) markets. Now it is establishing itself in the United States to further develop in the noisier and more competitive market that is North America.
Before the office opened, US-based companies accounted for around 10% of SEON’s revenue. With 56% of U.S. businesses that have experienced fraud in the past two years, the region will play a vital role in the company’s growth plans, as it aims to represent up to 50% of its turnover in the next 3 to 5 years.
The move follows the announcement of SEON’s latest Serie A round of funding, in which it was awarded 10 million euros (US $ 12 million). As the largest Series A funding round in Hungary, this investment drives the growth of SEON, strengthens its global expansion and helps it provide services to clients in different markets around the world.
With three in ten American companies Recognizing that their most disruptive fraud has highlighted a need for new technologies, SEON aims to integrate its solution into these different markets to help correct a number of pain points that have hampered the fraud prevention industry and prevented businesses access the fraud mitigation services they need. . These include long onboarding times, long contracts, packages that are only suitable for certain size companies, and an overreliance on artificial intelligence (AI) and machine learning (ML) for the making. decision making.
In contrast, SEON’s solution has sliding monthly contracts, a free trial period and can be integrated in minutes. Additionally, its solution is suitable for businesses regardless of size and structure and operates on a supervised learning basis, meaning fraud officials can understand why the logic and rules of the solution made certain decisions. . As such, they have the information and data they need to make effective and efficient fraud prevention decisions.
Speaking of the challenges it will face in the North American market, SEON Commercial Director Jimmy Fong said, “In the past, fraud officials have faced tough decisions when it comes to choosing. a fraud prevention partner. Not only are they locked into long contracts once signed, making it difficult to swap suppliers if necessary, but the industry is bound by outdated legacy systems which mean integration times can take weeks. “
Over the past year, SEON has taken note of how these issues have been even more problematic during the COVID-19 pandemic, as Jimmy adds: “With many businesses moving rapidly in the online space to survive lockdowns and social distancing, they needed quick access to fraud prevention solutions, highlighting the demand for quick onboarding times. At the same time, online fraud has increased alongside online activity, so businesses need to be more prepared for fraud than ever before.
Therefore, by expanding our business to North America, we will ensure that businesses have access to the solutions they need to operate in the online space and, in turn, better serve our customers. We are going to tear up the rulebook to give the industry and its customers new options in fraud prevention. “
To learn more about SEON and its services, visit here.