Venture Capital: Trulioo, The Canadian Identity Verification Startup Scores $394M
The Series D funding round valued Trulioo at $1.75 billion.
Trulioo, a Canadian startup offering online ID verification services globally, announced its close of a $394 million series D round of funding at a $1.75 billion valuation. TCV led the funding round, recognizing that the pandemic had boosted the need for global identity verification given the explosion in e-commerce transactions and digital payments. (Reuters)
Other participants in the massive funding round were existing investors Amex Ventures, Citi Ventures, Blumberg Capital, and Mouro Capital.
TCV General Partner, Jake Reynolds, and Principal Amol Helekar will join Trulioo’s Board of Directors.
Trulioo ID verification
Trulioo’s platform provides real-time verification of 5 billion consumers and 330 million business entities worldwide — all through single API integration.
It has access to over 450 different data sources, such as governments and credit bureaus, as well as phone records and information from other sources.
According to the company, the U.S. digital identity market is projected to exceed $30 billion by 2023.
“The shift to online has brought digital identity to the forefront,” said Steve Munford, Trulioo President and CEO in a statement. “This new round of funding will enable us to accelerate our goal to become an end-to-end identity platform. Our vision is to break down fragmented data silos caused by disparate identity networks, and we will work in partnership with TCV to expand our investments in product innovation, build out artificial intelligence/machine learning capabilities and accelerate our global go-to-market strategy.”
“Online fraud is growing at alarming rates, and the regulatory environment is changing constantly,” Trulioo chief operating officer Zac Cohen told VentureBeat. “Anyone who has a stake in onboarding users and transacting online needs to be both incredibly strategic and judicious about how they approach identity verification, as bad actors continue to grow more and more sophisticated.”
Image Credit: Trulioo via Glassdoor
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