AML Startup Complytron Acquired by SEON
Hiventures, Hungary's most significant VC, closed another successful exit. Complytron, which offers anti-money laundering (AML) due diligence services, was acquired by Anglo-Hungarian SEON, the world's fastest-growing fraud prevention company.
After the transaction, Complytron's solution can potentially reach new global financial players such as Revolut, Nubank, or Afterpay, according to a press release sent to the Budapest Business Journal.
The expanding online presence of people and businesses opens up opportunities for abuse for a new generation of criminals. Complytron, a merely four-year-old Hungarian startup, competes with this trend with its automated customer due diligence service. Hiventures invested EUR 400 000 in the startup in 2020, from which it is now exiting with a significant return.
The acquisition also signifies SEON’s expansion since its USD 94 million Series B investment in April 2022. The combination of SEON's fraud prevention solution and Complytron's AML technology into a single platform is another major step in the battle to reduce FinCrime and will help sectors such as fintech, and e-commerce to prevent criminal activity via their platforms.
Hiventures' portfolio now includes nearly 450 startups, making it one of the most active venture capital investors not only in the CEE region but in Europe. This exit is one of the four most significant exits realized in 2022.
"We are proud of all exits, as they show that our investment concept was correct and validate our work in the market. Furthermore, we are glad that yet another innovative Hungarian solution can prove itself on the global stage," emphasized Bence Katona, CEO of Hiventures.
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