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Four years: that was all it took to become a huge international success after the failure of two friends of Corvinus. It is true that perhaps it is an exaggeration to see the idea of the two students who tried to create something lasting in the world of cryptocurrencies a few years ago, when the concept of cryptocurrency was not even as well known as it is today. And it is not his fault at all that his plan did not materialize.
There was too much fraud, they found a solution
But instead of agonizing the problem, they drew strength and another idea from their frustration with which they won the grand prize: SEON Technologies Kft., Founded in 2017, closed Hungary’s largest Series A capital raising process on the 16th. March, during which the Swedish Creandum invests 10 million euros (3.7 billion guilders) in the Hungarian startup.
But let’s see how the story began!
Bence and my co-founder already had a joint project at the university, we started a cryptocurrency exchange. But from the beginning, we faced a lot of fraud and credit card fraud, which is why we stopped this payment method. We immediately started looking for different solutions in the market, but we couldn’t find one that would give a real answer to the problem.
– Tamás Kádár, CEO of the aforementioned company, who founded the company with Bence Jendruszák four years ago, told Index. “There were no transparent prices on the website, the products weren’t detailed, they couldn’t be tested, so we took control into our own hands. We did a lot of research, we analyzed the methodology of online fraud, we read a lot about how these groups work, how they give and receive data, and finally we decided to start a B2B company that provides a solution for small and large companies in fraud. prevention industry ”, said the manager of the company to our portal.
The two-man team launched at national and international events with software based on artificial intelligence, which
80% of online transaction fraud can be detected,
Then once the couple got € 50,000 to start with, they founded the company in early 2017 and work started on steam power. After a year, tangible results have been achieved, which is understandable, as online stores and online commerce are gaining ground and the number of scams is increasing in parallel. The team was constantly expanding and had to move to a more spacious office.
The coronavirus just changed the business
SEON’s revenues quadrupled in the second year and tripled in the third year due to rapid growth. In addition, the Portfolio belonging to the OTP Group invested first 500 thousand and then one million euros in the startup, which was already profitable at the end of 2019, while in 2020 it only took five months to generate its sales a year earlier.
This can be partly explained by the coronavirus epidemic, and the company even belongs to the tech companies that really flourished during the pandemic.
During the pandemic, there were many digital transactions, many more were doing their business online, which fueled the entire digital economy.
Along with the breakneck development, the company moved to an even larger office in July and, in addition to Budapest, it already has an office in London, and although the company had 20 employees a year ago, it has now surpassed 50. Creandum, who saw the fantasy years ago on Spotify and Bolt, among others, can further grow the company with an investment of 10 million euros: another 80 people will be hired in Budapest and 20 in London.
We started the investment process in December and fortunately there was a lot of interest in the market. Creandum was chosen in part because she has significant international experience and has already invested in several large and successful companies, and Spotify and Bolt are pretty good letters of recommendation.
– Tamás Kádár told our newspaper, adding that thanks to the investment, they can continue to grow and want to expand further not only by hiring new employees, but also internationally. “Within a month, we will establish our US office in Austin, Texas, and towards the end of the year in Asia, probably in Hong Kong or Singapore,” said the CEO. He also revealed that the company currently has 120 paying customers, but the effectiveness of fighting card fraud, personal data misuse, and internet scammers is evidenced by more than five thousand international partners, including OTP Bank, Patreon. , Eurobet, Avis, Barion. and Air France as well.
Product according to user needs
The two youth solutions can also be integrated for registration, card payment, transfer, withdrawal, logins, simultaneously examine the customer’s email address, IP address, phone number and profile on social networks. This fingerprint analysis is done in real time and, compared to previous online behavior, reveals how trustworthy or suspicious the user is.
Our solution works as a pay-as-you-go service, meaning our partners pay based on usage. This is good because this is how we grow with our clients. If they do well, so do we. Our customers like this too, but we also put the product first, meaning we focus on learning a lot from our partners and developing the software based on their feedback. We are continuing to work on another development, the essence of which is that whoever accesses our website can initiate a 14-day trial period for the product without any hindrance.
Tamás Kádár told Index, adding that they have experienced minimal defections so far, 99.5 percent of customers are still with them, which means that the product they are developing is useful and loved by them.
All it took a few years ago was to hunt down internet scammers and draw strength and new ideas out of their frustration.
(Cover image: Bence Jendruszák and Tamás Kádár. Photo: SEON Technologies)
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