SiGMA Interview with SEON Startup
SiGMA catches up with the team behind SEON Fraud Prevention
SEON is a B2B company focusing on support services, and will be part of SiGMA17 Startup Pitch. Their goal is to create a safer environment for online businesses, throughout relying on the analysis of unevaluated data by using masses of fraud inspection methods. SEON has multiple clients in CNP business such as payment gateways, high risk online merchants.
What is your company’s unique differentiating idea?
We developed a risk management tool that is suitable for protecting online businesses from payment fraud and account takeovers. The system collects information about the transaction itself, as well as the online customer and after thorough analysis it provides a fraud score (0-100). The fraud score determines the likeliness of a transaction to be fraudulent or not. All of the data associated to a transaction and a user can be viewed through a graphical user interface that comes with the tool.
What differentiates you from your competitors? Specifically, what do you provide that is currently not available in the market or how do you differ from your competitors?
We believe that SEON is superior to all other market solutions as it serves the most important need of fraud managers along two dimensions: usability and depth of functionality. Currently, our target customers have to use several fraud prevention platforms in order to fully mitigate their risks. None of the current solution providers is able to offer a full fledged package covering all relevant risk vectors and including features such as an automated rule configurator and high-end artificial intelligence. As described above, this leads to fraud managers having to monitor multiple platforms at once, and therefore having to pay for 3-4 different service providers simultaneously, and maintain resources to integrate the different systems and continuously maintain this integrated construct.
What is your revenue model?
We charge a micro fee for every transaction that is monitored through our system. This fee can range from 0.5 to 10.0 cents depending on the amount of transactions that is monitored as well as the modules that are used. For larger customers requiring more custom or on-prem solutions, we may consider providing a user-based license fee model.
What milestones or tangible traction have you achieved to date?
We launched SEON in January 2017. Our sales plan includes customer acquisition through direct sales and through setting up channel partnerships with online payment gateways. Through direct sales (attending relevant events and cold e-mails/calls) we will tend to focus on large customers. Through channel partnerships the main focus will be put on long tail customers. Currently we have two smaller paying customers and 8-10 promising pilots in trial phase, and we run 5-10 product demos each week.
Please explain your objectives for participating in SIGMA Pitch Event.
Currently we are putting heavy focus on building brand awareness and actually letting the gambling world know that we exist. With our limited resources this is not always an easy task. In the next year we will be attending the relevant events and conferences and we think the SIGMA iGaming event would be a great opportunity to boost our business development strategy.
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