Verification Firm Trulioo Raises $50 Million

Verification Firm Trulioo Raises $50 Million

September 19, 2019

Trulioo, a Vancouver-based company in the identity verification space, has raised just over $50 million ($70 million CAD) in a new round of funding to spur growth for the start up.

The company provides quick identity verification to customers. It claims 130 employees and roughly $30 million in annual revenue. Trulioo officials said they currently have 500 customers and serve payments processors, online marketplaces and some investors.

The firm said its platform allows clients to access data sources online, including credit bureaus, government agencies and phone companies. These sources are used to confirm the identities of customers or eligible voters and expose money-launderers. Trulioo said its services can confirm the identities of five billion people and offers the same service to verify 250 million companies. It recently began selling part of its code that online merchants can use to do their own verifications.

In an interview, Trulioo CEO Stephen Ufford said about half of the new cash will be invested in product and technology, and the other half will go toward growing the sales teams. 

Goldman Sachs Group led the financing, backed by Citigroup Inc., Spain’s Banco Santander SA and past investor American Express Co. Early backers Blumberg Capital and Business Development Bank of Canada (BDC) provided $10 million in a separate funding this year.

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Joan Goodchild