Investment Q2 2022

Investment, Acquisitions & IPOs – Q2 2022

Q2 just closed out, so it’s time for our quarterly investment update. As you can see, there is a lot more white space here as investments and acquisitions slowed down in Q2. Have a read to learn more about the relevant moves in the industry!

SEON

SEON is on track to becoming the Internet’s fraud prevention of choice. Their mission has been validated by partners such as Revolut, Wise, Mollie, and Patreon and now they raised $94M for their Series B. 

Led by Silicon Valley-based IVP, the round also includes existing investors Creandum and PortfoLion, as well as, angel investors including founders and senior executives from the very best product-led tech companies: Aiven, Coinbase, DataDog, DoorDash, Figma, G2, GitHub, Public, Slack, Supercell, UiPath, Veriff, and Wise. 

The funding, which comes just a year after the company’s Series A, will be used to expand SEON’s presence in North America, LATAM, and APAC, build partnerships with leading e-commerce platforms, heighten product functionality, and integrate additional data sources to help customers better fight fraud.

Trusting Social

Trusting Social, a Singapore and Vietnam based fintech company, has raised $65 million in a Series C round from Sherpa Company Ltd, a subsidiary of Masan Group.

Trusting Social is an AI fintech company aspiring to democratize financial services through AI-based consumer insights and embedded finance. TS drives financial inclusion by providing credit insights covering a billion consumers to 170 financial institutions across Vietnam, Indonesia, India, and the Philippines.

Incognia

Incognia, a privacy-first location identity company that provides frictionless mobile authentication to banks, fintech and mCommerce companies, has closed their “Series A” funding round of $15.5 million led by Point 72 Ventures.

Within 18 months of launching in the U.S. Incognia is now protecting more than 200 million mobile users in more than 20 countries, and the new funding round will support Incognia’s continued growth. Incognia addresses the balancing act between friction and security for user authentication and fraud prevention on mobile applications, across industries including fintech, crypto, gaming, delivery and social.

Doppel

Doppel, a US based fraud company, cross-chain monitoring service for detecting NFT fraud and counterfeits, closed a $5m seed funding round.

The company intends to use the funds to enhance its detection capabilities, which will allow the platform to identify bad actors within the ecosystem and expand upon the current illicit activities that it monitors for.

Identitypass

Identitypass, a Nigerian based cybersecurity and anti-fraud startup has secured $2.8 million in seed funding that it will use to grow its suite of products and expand its platform into new regions.

Identitypass helps businesses verify other businesses and track down cyberthreats and fraud in FinTech, cryptocurrency, mobility, EdTech, gig economy platforms and telecommunications companies, among other sectors. According to the announcement, the company processes millions of verification calls each month for more than 200 businesses in Nigeria, the U.K., Kenya, the U.S. and India.

TrustCheckr

TrustChekr, a fraud analytics solution provider start up based on India, has secured $1 million from IIFL Fintech Fund. The plan is to use the proceeds to scale its usage across banks, non-banking financial companies, fintechs, payment companies and bureaus in India.

Founded in 2017 by IIM Lucknow alumnus Adhip Ramesh and University of Liverpool alumnus Shivraj Harsha, TrustCheckr is a fraud analytics solution provider that enables businesses to identify fraud, fake or bot profiles using image processing and artificial intelligence. 

Sphonic

Norway’s Signicat has acquired UK-based anti-fraud and identity technology company Sphonic for an undisclosed sum.

Established in 2012, the London-based RegTech has created a suite of products capable of automating compliance decision processes. The deal is part of an ongoing acquisition spree by Signicat, as part of a strategy to become a single provider for the entire digital identity and anti-financial crime lifecycle across Europe. 

BehavioSec

LexisNexis® Risk Solutions, part of RELX, has announced the acquisition of BehavioSec®, a behavioral biometrics technology provider.

Founded in Sweden in 2008 with a presence in the U.S. and EMEA, BehavioSec provides a highly predictive behavioral biometrics solution that uses behavior analysis for continuous authentication to establish identity trust and help prevent fraud. 

Sentinels

Fenergo, the leading provider of digital solutions for Know your Customer (KYC) and client lifecycle management (CLM), has announced the acquisition of Sentinels, an anti-money laundering (AML) transaction monitoring new market entrant with artificial intelligence (AI) based technology.  The acquisition has an undisclosed amount agreement.

Upstream Logix

SentiLink, the leader in identity verification technology, has announced its first acquisition. Upstream Logix, an industry leader in data intelligence for alternative finance, is now part of SentiLink and brings with it powerful insights on underserved consumers and the creditors that serve their financial needs, facilitating accurate risk assessment and enabling consumers to gain access to credit.

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Author: Gabriella

Marketing Associate at About-Fraud. A Brazil native, Gabriella joined About-Fraud with 4+ years of experience helping develop businesses and brands. Gabriella manages go-to-market operations and supports our global clients across a variety of service offerings.