SEON, is a comprehensive fraud prevention and anti-money laundering (AML) platform designed to help businesses mitigate fraud risks and enhance their compliance efforts, with the help of Artificial Intelligence. With online fraud forecast to grow by over 140% in the next 5 years, SEON found their solution was in high demand and looked to quickly expand their business. As they grew, they needed a way to scale their billing operations efficiently, and fast.

Challenge
SEON employs usage-based pricing when it comes to their AML platform, requiring them to calculate usage across various products and features in order to bill their customers. With demand growing, they reached a point where they’d quickly signed hundreds of new customers in a short period of time.

This is in part due to their commercial team being offered the flexibility to structure deals without too much constraint. At the same time, their product was still evolving, resulting in additional complexity when it came to monetization, quoting, and billing.

As a result, SEON’s billing operations became increasingly complex, with hundreds of bespoke pricing plans that needed to be consolidated, calculated, and billed manually each month. SEON’s finance team managed this through a very sophisticated Microsoft Excel sheet. While impressive, it meant that the burden on the finance team would become prohibitive as the business continued to scale. It also created a lot of manual processes, workarounds and a general lack of financial transparency - the spreadsheet only provided the outcome in pdf form, without the underlying line items and calculations. So they set out to find a solution that would remedy their challenges.

SEON’s team explored their options diligently, covering conventional subscription management platforms, open source software, dedicated metering solutions, and modern billing platforms including Solvimon. It was important for them to validate the solution not just against their current objectives, but also their future ambitions. It also became clear to them that building and maintaining an in-house solution was not going to be an option.

Solution
As the team evaluated these solutions, it became clear that Solvimon was the only platform that could effectively manage the complexity of their pricing plans without intervention, additional tooling, or engineering workarounds.

“I was skeptical if there was any solution out there that could relieve the team from an eternity of manual billing. Solvimon impressed me with their flexibility and user-friendliness.”

— János Mátyásfalvi, CFO

Seeing Solvimon’s platform in action, using real pricing plans made it click. The platform’s ability to support sophisticated pricing plans, integrated metering, and intuitive interface meant that SEON could automate the bulk of their billing operations — and easily continue to scale their businesses, without having to double their finance team in size, saving them an estimated 5 FTE annually.

Solvimon helped SEON improve the accuracy of their billing, uncovering leaked revenue within the first month of going live. Migrating their billing operations onto Solvimon had the added benefit of improving alignment across finance and commercial teams thanks to improved transparency around pricing definitions, structures, and strategy.

Once the decision was made, SEON needed to migrate hundreds of customers and over 700 unique pricing plans into the platform. Solvimon’s team helped them speed up the process and completed the migration in less than 2 weeks. The SEON team went live with Solvimon’s Integrated Metering, Pricing, Automated Invoicing capabilities, and HubSpot integration, completing their onboarding in just under 2 months.

“In terms of cooperation, I could hardly imagine a better example than what we have experienced. I am very glad to have chosen Solvimon as our partner.”

— Gergely Tolgyesi, Director of FP&A

Impact
Once live on the Solvimon platform, SEON’s finance team was unburdened from manual billing and able to focus more on growing the business to the next stage. In the first month, 75% of invoices previously done by hand were fully automated. Additionally SEON was able to mitigate revenue leakage across 10% of invoices. We look forward to providing SEON with continued support as their business expands.