Canadian identity innovator Trulioo announced today it brought in $53 million (CAD $70 million). The round was led by Goldman Sachs Growth Equity and saw participation from Citi Ventures, Santander InnoVentures and American Express Ventures. Trulioo’s total funding how stands at $73 million (CAD $96.6 million).
The Trulioo team will use the funds to build its presence in new markets, as well as boost its workforce from 130 to 200 people who staff the company’s Vancouver, San Francisco, and Dublin offices.
“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 Stephen Ufford, Trulioo CEO and founder. “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 API allows organizations to instantly verify identities of more than five billion consumers (more than two thirds of the global population) and more than 250 million businesses across 195 countries. The company’s GlobalGateway database offers an online electronic identity verification (eIDV) service that helps businesses comply with AML and KYC rules, as well as a range of international electronic identity verification requirements.
Trulioo, which will demo its technology at FinovateFall next week in New York, provides electronic identification technology that has the potential to positively impact people in developing nations who may not have much of an online record to prove their identity. This underrepresented group can now potentially open a bank account, apply for a loan, or conduct other financial activity that was previously out of reach.
Earlier this year, Trulioo’s Head of Growth, Anatoly Kvitnitsky,demonstrated GlobalGateway’s instant onboarding with EmbedID at FinovateSpring. EmbedID enables businesses to query Trulioo’s GlobalGateway API and instantly verify customers in multiple markets by embedding a snippet of code to their website.