Key takeaways: 

• Seon, a London-based start-up that allows fintech companies like Revolut to tackle online fraud, has increased $94 million in a funding round.
• The firm will use the money to create new tools for opposing Russian sanctions evasion amid the Ukraine fighting.
• The funds will also go on supporting Seon's expansion in the United States, as well as Latin America and Asia.

Seon, a start-up that allows fintech firms like Revolut to attack online fraud, has raised $94 million to create new tools for controlling sanctions evasion by Russia.

The London-based firm raised the new cash in a funding round conducted by IVP, the Silicon Valley acquisition company that has supported the likes of Netflix and Twitter. IVP Partner Michael Miao has also joined Seon's board.

Present investors Creandum, an early Spotify backer, and PortfoLion, also invested, as did multiple angel investors, including Coinbase Chief Operating Officer Emilie Choi and UiPath Chief Executive Daniel Dines.

Seon, which measures the likes of Revolut, Afterpay, and Nubank as clients, said its technology creates it easier for companies of all lines to combat scams.

Its software examines a customer's email address, phone number, and other data to build up a "digital footprint" and uses machine learning to decide whether they're true or suspicious.

According to two people aware of the matter, the firm is now valued at $500 million after its latest grant round, who preferred to stay unknown personal discussing information.

Blocking Russian sanctions evasion

Tamas Kadar, Seon’s CEO and co-founder said his firm had seen the elevated need for tools that root out transactions from authorized people and entities and “politically exposed persons” amid Russia’s charge of Ukraine.

Part of the money will be used to manage the potential use of fintech apps for cash laundering and sanctions evasion.