The 2011 established company, Trulioo provides the electronic identity and address verification of every business as well as individual. As part of “know your customer”, Trulioo’s customers use it for the identity verification of their own customers.
Tanis Jorge and Stephen Ufford founded this identity marketplace to provide their ID verification services globally. The company provides its services in a wide range of industries including banking, finance, retail, payment, gaming, and online marketplaces. Loads of tech giants and Global banks also use the global gateway of Trulioo which helps them to provide fraud prevention, trust, and safety requirements.
The Canada headquartered company has announced that they have raised their mega funded round of $394 million.
This round has valued the Identity Verification company at $1.75 billion.
Since its inception, Trulioo has raised $474 million in funds.
This round was dominated by Californian private equity firm, TCV, which stands for Technology Crossover Venture.
And some of the existing investors of Trulioo also participated in this round including Amex Ventures, Blumberg Capital, Mouro Capital, and Citi Ventures.
The CEO of Trulioo, Steve Munford said that the Vancouver-based company has 450 different data source’s access which include the Bureau of Government and credit bureaus as well as non-traditional information and phone records.
Munford also said that their company’s most important key is that they do their work of identity verification without seeing any of their client’s information and also without having an eye on the data it is being compared to, which is even more crucial in a world of privacy. Everything is done with an encrypted transaction.
The company intends to use this round’s proceedings in strengthening its ID and address verification platform as after the pandemic the need for customers ‘ id verification and authentication has accelerated their business in e-commerce firms, financial firms, and several other areas.
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The TCV
The general partner of the Menlo Park, California-headquartered TCV, Jake Reynolds said that their funds are heavily invested in areas of financial services and online marketplaces and also said that they understand the ongoing increasing need for global identity verification.
He further added that they are already aware of the problems and difficulties of the businesses that they are seeing and also of their momentum and growth.
Trulioo said that according to the consulting firm, One World Identity, the digital identity market of the US is projected to exceed $30 billion, by the next 10 years.
Conclusion
The identity verification startup, Trulioo raised $394 million in a new funding round that gives a valuation of $1.75 billion to the company. This round’s capital raised the total raised by the company since its inception to $474 million. This new round was led by TCV. Trulioo and TV both look to use the fresh capital in further advancement of the company’s verification system to be even more secure, and authentic.
FAQs
Ans. It provides the electronic Identity verification and address verification of customers. Trulioo’s customers use it for the identity verification of their own customers. It can be used by any individual or business.
Ans. $394 million capital has been raised which has given a valuation of $1.75 billion to the company.
Ans. The lead investor of this round is TCV.
Ans. Tanis Jorge and Stephen Ufford founded this identity marketplace.
Ans. In 2011, Trulioo was founded.
