While the US might be their main target for now, gaining market share in US fraud prevention is no easy task. More established competitors in the market include $4.5bn Socure as well as Ravelin, Sift and Riskified.

Seon believes it can compete because it’s already conquered the more varied regulatory landscape of Europe — which Kadar says US rivals are struggling to tackle. 

Jendruszak won’t confirm specific acquisition targets, but is keen to explain that they will be instrumental to the company’s plans to move beyond know-your-customer (KYC).

The company is plotting a move into anti-money laundering products on the consumer side, sanction checking, politically exposed person checking, and is also evaluating how it can begin offering risk analysis and even digital footprinting products to evaluate businesses as well as consumers. 

Seon operates on a usage-based pricing model, foregoing integration fees and instead charging customers each month based on how many transactions they make. 

It uses machine learning to track data points that clients can customise according to their trouble areas.