Fraud prevention platform SEON has secured $80 million (£58.7 million) in Series C funding led by Sixth Street Growth, taking total investment to $187 million. Headquartered in Budapest and Austin, the firm serves clients including Revolut, Plaid, Spotify, Afterpay and Entain, processing tens of millions of interactions daily.
Delivered through a single API, SEON’s AI technology streamlines fraud detection, anti-money laundering compliance and customer onboarding. Clients report fraud reductions of up to 90 per cent alongside shorter manual review times. “Our mission is to enable companies to prevent fraud without impeding legitimate growth,” said co-founder and chief executive Tamas Kadar.
The funding comes as the UK prepares to implement the Economic Crime and Corporate Transparency Act 2023, which from 1 September 2025 introduces a strict liability offence of “failure to prevent fraud.” Large organisations—defined as those with more than 250 staff, £36 million in turnover or £18 million in assets—face criminal liability if employees or associates commit fraud without adequate preventative measures in place.
Regulators including the Serious Fraud Office and Crown Prosecution Service have signalled tougher enforcement. Tijs Broeke, chair of the City of London Police Authority Board, recently described fraud as “damaging the foundations of our nation,” calling for faster asset seizures and reinvestment in victim support. This legal shift intensifies pressure on firms to deploy advanced detection tools, backed by governance and staff training. Experts warn against over-reliance on automated systems, stressing that human oversight and strong compliance culture remain essential.
SEON will use its new funding to enhance AI capabilities, expand internationally and deepen partnerships with banks and technology providers. The platform’s growth reflects rising demand for fraud prevention technology as losses escalate globally and regulation tightens.
The momentum comes as the UK prepares further reforms, with the forthcoming Crime and Policing Bill 2025 expected to extend senior manager liability to all criminal offences, heightening compliance demands and legal risks for corporates.
In this environment, SEON’s expansion illustrates how AI-powered fraud prevention can support both growth and compliance, helping firms navigate a more complex regulatory landscape while bolstering the UK’s ambitions in responsible AI innovation.
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