Trulioo, a Vancouver-based identify verification platform aimed primarily at the banking sector, has raised $15 million in equity financing led by American Express Ventures along with existing investors BDC Capital, Blumberg Capital and Tenfore Holdings.
“We currently power customer and merchant onboarding for top global payment and ecommerce players in the market, and we are now looking to take our flagship product, GlobalGateway, to the banking industry,” said Trulioo CEO Stephen Ufford. “This investment is a vote of confidence that we can help support the banking industry in meeting the increasingly complex requirements of cross border compliance.”
This past October, Trulioo revealed that it was launching its GlobalGateway identity verification platform in the Indian market.
The GlobalGateway product helps its clients, which includes not only the banking sector but also credit bureaus, utility companies, government agencies and mobile carriers, to verify the identity of potentially unbankable customers by accessing over 100 data sources in more than 40 countries, comparing registration information with those other various data sources.
“We see a huge opportunity for Trulioo as regulators around the world ramp up enforcement activities,” said BDC Capital partner Andrew Lugsdin. “The company has built something unique, and is a great market fit for today’s environment.”
Lugsdin will be joining Trulioo’s board of directors.
“We have been impressed with Trulioo’s breadth of global consumer data,” said American Express Ventures partner Rohit Bodas. “Conducting identity verification checks to onboard new customers and merchants in multiple countries is a complex problem and an important issue for the financial industry. Trulioo provides an elegant and efficient solution to approach the Know Your Customer process.”
Earlier this year, Trulioo closed a $6 million Series A round of funding.
Co-founders Stephen Ufford and Tanis George will use this new round of funding to help scale the business, including the sales team, technical infrastructure, customer support and acquire new and unique data sources.