Seon Helps Fintechs to Enforce Sanctions Against Russia

<div><img width="1200" height="798" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/view-moscow-pedestrian-bogdan-khmelnitsky-bridge-1-1.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Russia and sanctions" loading="lazy" srcset="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/view-moscow-pedestrian-bogdan-khmelnitsky-bridge-1-1.jpg 1200w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/view-moscow-pedestrian-bogdan-khmelnitsky-bridge-1-1-300×200.jpg 300w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/view-moscow-pedestrian-bogdan-khmelnitsky-bridge-1-1-1024×681.jpg 1024w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/view-moscow-pedestrian-bogdan-khmelnitsky-bridge-1-1-768×511.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></div><h1><span>Seon Helps Fintechs to Enforce Sanctions Against Russia</span></h1>
<p><span>Many countries imposed sanctions on the Russian Federation after it invaded Ukraine. However, it is not an easy task to enforce sanctions. Seon helps fintech <a href="https://www.financebrokerage.com/shares-of-indian-tech-companies-suffered-serious-losses/" target="_blank" rel="noopener">companies</a> like Revolut to combat online fraud. </span></p>
<p><span>The London-based company raised $94 million to develop new tools for preventing sanctions evasion by Russia. Seon raised the fresh cash in a funding round led by IVP, the Silicon Valley investment firm that has backed the likes of Twitter and Netflix. IVP’s partner Michael Miao also joined Seon’s board.</span></p>
<p><span>Existing investors Creandum as well as PortfoLion, also invested in Seon, as did multiple angel investors, including Coinbase’s Chief Operating Officer Emilie Choi. </span></p>
<h2><span>Seon and its software </span></h2>
<p><span>Seon said its technology is designed to make it easier for firms of all stripes to tackle fraud. The company’s software analyzes a customer’s email address, phone number, and other data to build up a “digital footprint”. Its software uses machine learning to determine whether they are genuine or suspicious.</span></p>
<p><span>Seon is valued at $500 million after its latest funding round, according to two people familiar with the topic, who preferred to remain anonymous discussing private information. </span></p>
<p><span>The London-based company has seen heightened demand for tools that root out transactions from sanctioned individuals and entities amid Russia’s invasion of Ukraine.</span></p>
<p><span>Seon plans to spend part of the funds it raised from <a href="https://www.financebrokerage.com/dozens-of-celebrity-investors-invested-in-moonpay/" target="_blank" rel="noopener">investors</a> to address the possible use of fintech apps for money laundering sanctions evasion.</span></p>
<p><span>The company is working on an interesting function as well. The function will verify businesses online and see if their shareholders are on any sanctions list. </span></p>
<p><span>The funds will also go toward helping the company to expand in the United States, Latin America, and Asia.</span></p>
<p><span>In 2021, Seon opened new offices in Austin, Texas, and Jakarta, Indonesia, and quadrupled its workforce to 200. It soon expects to roughly double its headcount in the next 12 months. </span></p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/seon-helps-fintechs-to-enforce-sanctions-against-russia/">Seon Helps Fintechs to Enforce Sanctions Against Russia</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>