- Vancouver-based identity and address verification service Trulioo announced it raised CAN$70 million in funding
Trulioo — a Vancouver-based company that provides identity and address verification services — announced that it raised CAN$70 million in funding, according to VentureBeat.
This funding round included $60 million CAD in a Series C round led by Goldman Sachs with participation from Citi Ventures, American Express, and Santander InnoVentures. And $10 million of the funding was part of an unannounced follow-on funding from early investors Blumberg Capital and BDC Capital last year. Including this round, Trulioo has raised a total of $96.6 million.
CEO Stephen Ufford told VentureBeat that the funding will enable the company to scale up operations in new markets and hire 70 employees across its offices in Vancouver, San Francisco, and Dublin.
Ufford and Trulioo co-founder Tanis Jorge previously worked together on consumer credit startups. Back in 2011, the two worked together to create an ID verification solution in order to address the problem where an estimated 220 million children whose births are not unrecorded and more than 2 billion people do not have a bank account.
“Today, families, businesses and entire economies are being powered by the global shift towards a truly digital economy, which is exciting but also opens up new forms of risk,” said Ufford via VentureBeat. “We’re committed to leveraging technology to help our customers fight financial crime, money laundering and election fraud. I’d like to thank our investors for their trust in the work we are doing and for enabling us to push forward our solutions that transcend boundaries and channels, and which facilitate trusted transactions from anywhere, instantly.”
Trulioo’s main product is called GlobalGateway, which is an API built to help companies comply with anti-money laundering regulations. The company also delivers real-time access to company filings from official registers and also runs checks on ultimate beneficial owners. GlobalGateway pulls the active data from dozens of mobile network operators in order to set up more layers of fraud prevention and authentication.
“Trulioo’s robust data and coverage is improving and streamlining identity and business verification for financial institutions globally. Leveraging external data sources for Know Your Customer (KYC) and fraud prevention when onboarding new customers and businesses is crucial,” added American Express Ventures managing director Dana Eli-Lorch via VentureBeat. “This allows for increased trust and safety in today’s global online ecosystem, solving a key pain point for the financial industry. We are pleased to continue to support Trulioo in its future growth.”
