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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Finovate alums notched their biggest fourth quarter fundraising since 2014, securing $1.2 billion in equity investment. The strong Q4 gives Finovate alums a 2021 fundraising total of $8.4 billion, more than double the capital raised in any previous year.
2021’s fundraising strength comes courtesy of $3.3 billion raised in Q1, $2.8 billion raised in Q2, and $1.1 billion raised in Q3. Fundraising in this year’s fourth quarter is also significantly higher than that raised in previous Q4s, and by a significant margin. The fact that Q4’s sizable fundraising totals came as a result of investments in only six alumni makes the current quarter’s accomplishment all the more remarkable.
Previous Quarterly Comparisons
Q4 2020: More than $472 million raised by 17 alums
Q4 2019: More than $876 million raised by 21 alums
Q4 2018: More than $800 million raised by 19 alums
Q4 2017: More than $730 million raised by 23 alums
Q4 2016: More than $700 million raised by 26 alums
Four of this quarter’s fundings were at or above the $200 million mark. This marks a first for Finovate alums. The biggest investment received in Q4 of 2021 was the $450 million secured by Socure, a fundraising total that has never been met by a Finovate alum in the final quarter of the year.
Top Quarterly Equity Investments
Socure: $450 million
Zopa: $304 million
Mambu: $266 million
Thought Machine: $200 million
Here is our detailed alum funding report for Q4 2021.
October 2021: More than $329 million raised by two alums
If you are a Finovate alum that raised money in the fourth quarter of 2021, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.
Rocket Companies, the parent company of tech-driven real estate, mortgage, and financial services businesses, acquired personal finance app TrueBill today. The deal is expected to close by the end of the year for $1.28 billion in cash.
“We are very impressed with what Truebill has created – providing a simple, intuitive client experience to help its users save significant money,” said Rocket Companies CEO Jay Farner. “The company is a perfect fit for the Rocket platform. Truebill’s work helping Americans keep track of their finances and providing guidance that leads to better financial outcomes follows the same philosophy as Rocket Companies – leveraging the power of technology to remove the friction from complex transactions – and applies it to everyday life.”
Founded in 2015, TrueBill helps its 2.5 million members manage subscriptions, improve credit scores, track spending and renegotiate bills. The company analyzes $50 billion in transactions each month and has saved consumers a total of $100 million.
For Rocket Companies, the purchase will push the subsidiaries toward their goal of creating a centralized destination for consumers to manage their entire financial lives. Rocket Companies will also benefit from Truebill’s recurring revenue, which is on track to generate $100 million each year. This figure is more than double the annual revenue the company generated in 2020.
As for its own operations, Rocket Companies generates $1.3 billion each year from the monthly payments made by the organization’s 2.5 million clients for mortgage servicing.
Norway-based biometric startup Mobaiwon $3.16 million (EUR 2.8 million) in funding to enhance the protection of personal biometric data in coalition with Vipps BankID, Sparebank1 Østlandet, KU Leuven, and NTNU. The project, named SALT for “Secure privacy preserving Authentication using faciaL biometrics to proTect your identity,” will bring new functionalities to Mobai’s facial recognition solution, and improve the quality of the technology to help firms meet eiDAS and AML regulations.
The project will drive innovation in the field of facial biometrics, particularly in the areas of biometric template protection, face quality assessment, and presentation attack detection. Mobai CEO Brage Strand noted in a statement that innovation in facial biometrics is especially urgent insofar as vulnerabilities in current authentication strategies such as passwords and even two-factor authentication increasingly have been exploited by fraudsters and cybercriminals.
“Our aim is to offer consumers a unique opportunity to prove who they are, as a way to combat the surge in phishing and identity theft we currently experience,” Strand said. He added the goal of the project was to move “beyond comparing a photo you store on a device with a selfie” to bring the same level of trust found in ePassports “into a digital domain.” Strand also emphasized the importance of leveraging “privacy-preserving technology” to ensure GDPR compliance and the integrity of personally identifiable information.
Mobai’s partners represent an interesting cross-section of the country’s financial services industry. Sparebank1 Østlandet is the fourth largest savings bank in Norway. Vipps is a payments and electronic ID provider with more than four million electronic ID users. NTNU is the Norwegian University of Science and Technology, the largest university in the country with more than 40,000 students; Mobai was spun out of NTNU’s Norwegian Biometrics Laboratory in 2019. Katholieke Universiteit Leuven is a research and educational institution, one of the oldest universities in Europe, with a reputation for pioneering scientific research.
“We see face recognition as a very promising and effective way to add an extra layer of security that will help combat identity theft, fraud, and money laundering,” Sparebank1 Østlandet EVP for Innovation and Business Development Dag Arne Hoberg said. “Imagine a situation where you may actually sign a mortgage electronically and use a ‘selfie’ as part of this process to confirm that your are the right person to sign.”
Meanwhile, in nearby Denmark, leading business automation software and services provider Visma announced its acquisition of expense management company Acubiz. Term of the transaction were not immediately available.
Visma will integrate Acubiz’s expense management solution into its Visma Enterprise HRM, but Acubiz will continue to function as an independent brand. The company, which has a 20% market share in Denmark and more than 200,000 users, offers solutions to help businesses better manage employee and travel expenses, as well as mileage reimbursement, invoice management, and time registration.
“I am excited to welcome another strong, Danish company into the Visma family,” Visma Enterprise A/S Managing Director Monika Juul Henriksen said. “There is no doubt that Acubiz is a perfect match not only businesswise but also in their culture and DNA. Acubiz wants to be the best – and so do we. Together, we will be even better.”
Founded in 1997 by Lars de Nully, Acubiz is based in Birkerød north of Copenhagen. This year, the company has forged partnerships with accounting firms Tal & Tanker and Tietotili, as well as with financial administration services provider Fiscales, HR software company Sympa, and Jutlander Bank.
In a year-end statement published on the Acubiz blog, the company noted that, in addition to its acquisition by Visma, it plans to unveil a new financial interface in 2022. The new UI will feature upgrades in performance, user-friendliness, and the ability to customize.
“By becoming a part of Visma, we do not only get a shortcut to new customers, markets, segments, and partners, we will also benefit from the knowledge and skills within legal, HR, marketing, and sales,” Acubiz Managing Director Henrik Malling said. “Being able to counsel with these experts is immensely valuable for us as a relatively small organization. So we honestly cannot wait to get started and to get to know all our new colleagues within Visma.”
FinovateEurope 2022 is right around the corner. If you are an innovative fintech company with new technology to show, then there’s no better time than now and no better forum than FinovateEurope. To learn more about how to demo your latest innovation at FinovateEurope 2022 in London, March 22-23, visit our FinovateEurope hub today!
Here is our look at fintech innovation around the world.
Narrative Science reported on Wednesday that its acquisition by Salesforce – and integration into Saleforce’s Tableau team is complete. First announced last month, the closing of the acquisition this week will combine Narrative Science’s automated data storytelling capabilities with Tableau’s analytics platform.
“Bringing the Narrative Science award-winning, world-leading AI in analytics team and their innovations to Tableau will help us reach millions more people who are underserved with data,” Tableau President and CEO Mark Nelson wrote on the company’s blog this week. “It will help close the data literacy gap, reimagine an entirely new analytics experience, and set people up for success in this digital-first world.”
Salesforce acquired Tableau Software in 2019 in a deal that combined “the world’s #1 CRM with the world’s #1 analytics platform” Tableau announced in a press release that August. The goal of the acquisition was to enable Salesforce customers to “unlock even greater value from their data” using Tableau’s combination of diverse visualization, analytics, and AI. By adding Narrative Science’s data storytelling technology, Tableau and Narrative Science move closer to their shared goal of “making data more available to everyone, everywhere.”
A Finovate alum since 2013, Narrative Science is a leading provider of automated business analytics and natural language communication technology. Founded in 2010 and headquartered in Chicago, Illinois, the company is an innovator in the field of data storytelling. As a strategy for delivering business intelligence, data storytelling transcends both data visualization and static dashboards by translating insights into easy-to-understand stories and giving business users a personalized data digest. The company’s Lexio solution, its latest iteration unveiled in the fall of 2020, serves both businesspeople who require data insights in order to do their jobs, but do not have the time or skills to become data analysts, as well as leaders of analytics teams who need to ensure that insights are accessible to and understandable by employees who can translate them into action.
“Unlike today’s typical BI tools, Lexio anticipates what employees need to know so they can make faster and better data-driven decisions,” Narrative Science co-founder and CEO Stuart Frankel said. “Data without context is useless, and Lexio brings that context and understanding to every single employee in plain language and in a consumer-like experience.”
As of this fall, Narrative Science has raised nearly $43 million in funding from investors including Jump Capital, Sapphire, and Battery Ventures. In October, the company earned a #1 ranking in Crain’s Chicago Business Most Innovative Companies 2021 roster. Over the summer, Narrative Science’s Lexio won the “AI-Based Analytics Innovation Award” at the AI Breakthrough Awards.
With the new year just two weeks away, it’s a good time to reflect.
We spoke with Justin Passalaqua, Chief Market Officer of North America for Worldline, on what he has seen in the payments space this year and the payments trends he anticipates taking over in 2022.
Were there any payments trends that emerged this year that you didn’t expect to see?
Justin Passalaqua: I wouldn’t say any trends caught me by surprise necessarily. However, I did not expect how quickly businesses started adopting payment methods like contactless, e-commerce, and order ahead payments.
These trends have been in the works for a while. But the accelerated growth of these payment methods due to the pandemic, I think, caught everyone off guard. Not only have we seen tremendous growth in contactless and online payment options, but the more we see these used in the market, the more enhancements are made to make payments seamless.
How have embedded payments altered the course of fintech thus far?
Passalaqua: Users can make payments anywhere, at the touch of a button and, as a result, the industry has seen an increase in conversions by almost 40%. The fewer steps it takes a user to make a payment, the more likely they will complete a purchase. And if they have a great experience shopping with a merchant, they are more likely to shop there again.
Loyalty has become a huge growth driver, especially in the order ahead/food industry. The rise of mobile apps makes it easy for businesses to offer more rewards for repeat customers, establishing trust between the business and consumer. When software and app providers implement the right tools that simplify the checkout process and strengthen loyalty, everyone benefits.
What payments trends do you anticipate dominating in 2022?
Passalaqua: One trend I have seen a lot of over the years that I expect will evolve in 2022 is Integrated Software Vendors (ISVs) building their own payment gateway or leveraging a Payments-as-a-Service (PaaS) platform and white labelling it with their own brand. As ISVs aim to be an all-in-one solution for their customers, owning the end-to-end payments piece essentially transforms them into a payment provider.
Another trend that will continue to dominate next year is the further decline of cash and the increased adoption of cards and mobile wallets. In 2021 we saw a 12% global decline in cash payments due to COVID-19. People will continue to adopt card and mobile wallets at a faster rate, and not just for safety and sanitary reasons. With the more rapid and convenient experience offered by cards and mobile wallets, we will probably never see a backwards shift to cash again.
What’s in the pipeline for Worldline in 2022 and beyond?
Passalaqua: Without giving away our secret recipe, we have big plans for expansion next year. First, we are investing heavily in the U.S. market. Although Bambora and Ingenico are well known in Canada and the U.S., Worldline is relatively new to North America. Our goal is to make Worldline a trusted household name for ISVs and the payments industry.
We are also focusing on growing our contactless/card-present payment solutions with new technologies to make card-present payments even more effortless. We are enhancing our bank-to-bank technologies to expand our payment types, focusing on our ACH solution, which aligns with our plans for the U.S. market.
Greg Palmer, VP at Finovate, takes five minutes with Chris Karageuzian, CEO & Co-Founder of Help with My Loan, to explore some of the pain points that still exist for both customers and bankers when it comes to getting loans approved, and how Help with My Loan is cutting through the noise and coming to the rescue.
Digital investment platform Scalable Capitallaunched a crypto offering this week called Scalable Crypto. The new tool, which Scalable Capital is launching in partnership with Europe’s largest digital asset investment company CoinShares, helps users invest in cryptocurrencies.
Scalable Crypto will help everyday investors participate in crypto markets by offering access to crypto investments via regulated stock exchanges in Germany. The new tool will integrate with the company’s existing wealth management and broker offerings, and will hold cryptocurrencies in secured, cold wallets at regulated custodians.
“We make trading crypto as easy as trading shares or ETFs,” said Scalable Capital Co-founder and CEO Erik Podzuweit. “Crypto currencies are well established as an asset class in a balanced portfolio. With ‘Scalable Crypto’, we are providing an affordable and intuitive offering to help even more people to enter the crypto world. The expansion is the next stage in our journey to become Europe’s leading digital investment platform.”
Scalable Capital is making it easy for crypto-novices to experiment with digital currencies. Users trade on the Xetra and gettex exchanges and do not need to open a separate wallet to do so. Instead, cryptocurrencies are held in the form of securities in the customer’s existing account. Additionally, Scalable Capital takes care of the tax details for crypto securities.
Founded in Germany in 2014, Scalable Capital was launched during the roboadvisor craze and now has more than $6.8 billion (€6 billion) under management on its platform. Today, the company offers both B2C and B2B tools. The company provides private individuals digital wealth management, a broker with a flat rate, and overnight and time deposit offers. For B2B clients, Scalable Capital develops solutions for digital investment. Some of the company’s current clients include ING, Barclays, and Santander.
Scalable Capital, which demoed its technology at FinovateEurope 2016, has 330 employees across its offices in Munich, Berlin, and London. Earlier this year, the company landed $180 million in new funding, bringing its total to more than $317 million. Scalable Capital has an estimated valuation of $1.4 billion.
In many ways, my predictions of what to expect in fintech in 2021 still stand in 2022. Indeed, the trends I anticipated– embedded banking, open banking, automation, and banking-as-a-service– are still hot-button issues that banks and fintechs need to address.
Last year we were recovering from the deluge of the digital transformation agenda and it was difficult to see what was beyond pandemic-related trends. This year, however, there has been an obvious shift. The conversation around decentralized finance is transitioning from a quiet murmur to a louder and more pervasive discussion.
What are some important topics banks need to address in 2022? Below are four conversations banks and fintechs must have next year:
Digital identity
Now that the pandemic has driven so many services to the digital channel, the topic of digital identity must be addressed. This issue ties directly into the security of not only money movement, but also the security of users’ data. Without an efficient way to authenticate users, banks and fintechs expose both themselves and their customers to risk.
Decentralized finance
Decentralized finance (DeFi) is taking off across the globe. According to DeFi Pulse, there is currently $96 billion locked in DeFi, up from $25 billion a year ago. If banks want to be part of the conversation, it is no longer a topic they can ignore. While some experts believe that DeFi will eventually kill off banks, others see banks as an integral part of the future of DeFi.
CBDCs
Central bank digital currencies (CBDCs) is a topic that dovetails from DeFi, but is even more relevant for banks. That’s because CBDCs will be government-issued, and because the government doesn’t have the infrastructure to distribute and manage digital currencies, traditional banks will be key in the issuance of CBDCs. If you haven’t already, it’s time to think about the role your bank can play in this space.
Open finance
The U.S. is overdue for regulation on open banking. In fact, we are so late to the game that the topic has already evolved from open banking to open finance. Though there have been murmurs of open banking discussions in the U.S., nothing formal has taken hold. Consumers are ready, however. Not only have their online presences expanded, they are also becoming increasingly aware of their own data privacy and data usage.
A partnership between cloud-based digital banking solution provider Alkami Technology and Idaho Central Credit Union will enable ICCU members to buy and sell bitcoin within their mobile apps and on the credit union’s online banking platform. Bitcoin services are provided by cryptocurrency technology company NYDIG with Alkami’s platform facilitating the deployment.
Claiming the mantle of both the fastest growing credit union in the state, as well as one of the best performing credit unions in the country, ICCU Chief Information Officer Mark Willden said that adding new services such as bitcoin investing are key to ensuring that the credit union maintains its “momentum” and “deliver(s) additional value.” He added, “Fully integrated bitcoin services through NYDIG and the Alkami Platform take us to the next level when it comes to the member experience.”
Idaho Central Credit Union was founded in 1940 and serves more than 480,000 members throughout the state. With 1,600+ employees, ICCU has more than $8 billion in assets.
NYDIG works with Alkami to allow financial institutions to offer their customers and members bitcoin services in a secure and compliant way. NYDIG joined Alkami’s Gold Partner Program over the summer, making it easier for financial institutions to add bitcoin products and services to their offerings and provide them to their customers and members under their own brand.
“The demand for and utilization of digital currencies have expanded exponentially in recent months, leaving many FIs struggling to keep pace and retain these deposit streams within their institution,” Alkami Chief Strategy & Sales Officer Stephen Bohanon said. “Alkami’s partnershp with NYDIG further supports our mission to enable FIs to compete directly against the megabanks and challenger banks to capture this valuable market.”
A Finovate alum since 2009, making its Finovate debut as iThryv, Alkami has grown into a leading cloud-based digital banking solution provider with more than 280 financial institution customers. The company went public this spring, earning a market capitalization of $3.4 billion in its debut on the NASDAQ. Trading under the ticker ALKT.O, the Plano, Texas-based firm raised $180 million in its IPO.
Since its public listing, Alkami has forged a number of partnerships with financial institutions including STAR Bank in November and MainStreet Bank in October. Also this fall, the company announced its acquisition of digital account opening and loan origination provider MK Decision and introduced its new Chief Executive Officer Alex Shootman, formerly the CEO of Workfront. Alkami Board of Directors Chairperson Brian R. Smith said Shootman’s experience in “growing and scaling enterprise software companies” was “essential at this stage of Alkami.”
Today’s announcement from Idaho Central CU comes as NYDIG reports a massive $1 billion growth equity round that gives the company a valuation of $7 billion. The round was led by WestCap and featured participation from Bessemer Venture Partners, FinTech Collective, Affirm, FIS, Fiserv, MassMutual, Morgan Stanley, and New York Life.
The New York-based company now has a total capital of $1.4 billion. The new investment will help NYDIG further develop its platform, taking advantage of recent changes to the bitcoin protocol to introduce functionalities such as bitcoin and lightning payments, asset tokenization, and smart contracts. The company will also use the new funding to add talent to its team worldwide.
“Our roster of partnerships and strategic investors lays the foundation for NYDIG to become the leading provider of Bitcoin solutions for businesses in any industry,” NYDIG co-founder and CEO Robert Gutmann said. “(This) new equity capital will further accelerate progress towards making this exciting network accessible – and useful – to all.”
One month after introducing its next generation development application platform, OutSystems has announced that it is entering a strategic partnership with fellow Finovate alum ieDigital. The alliance will enable ieDigital’s financial services company partners – ranging from bank to mortgage lenders – to access a suite of pre-built, low-code applications that support a variety of operations including originations, self-servicing, retention, and collections.
The goal of the new relationship is to give financial service providers new resources that will help accelerate growth, become more cost-efficient, and better manage risk. The partnership also allows for additional functionalities to be added as part of broader, future digital transformation efforts. One example of this would be enabling companies to analyze data collected during the completion of online applications for a new financial product or service.
“By pioneering the low-code market and having a vision to transform how enterprise software is delivered,” ieDigital Commercial Director Garry Larner said, “the OutSystems platform perfectly complements our existing product-offering. We look forward to working alongside them to continue delivering market-leading financial technology that makes a real impact to all that use it.”
ieDigital noted that the partnership will leverage and further build upon the Interact Application Suite, an approach ieDigital used in a previous collaboration with Cambridge & Counties Bank to help the firm combat financial crime. The result was a more streamlined customer onboarding process, enhanced automation for both middle and back office workers, and better capacity and knowledge to support the development of applications going forward – including an option for Cambridge & Counties Bank to build its own in-house development capability.
Founded in 1984 and headquartered in London, U.K., ieDigital demonstrated its Money Fitness solution at FinovateFall 2018. The technology helps credit unions effectively compete with the wave of competition from “digital-first” providers with a forward-looking personalized service that credit union members can use to better manage their day-to-day finances, make better financial decisions, and improve their overall financial health.
More recently, ieDigital launched its customer retention solution Interact Switch, which is designed to help mortgage lenders retain customers at product offer maturity. The technology enables mortgage lenders to function more efficiently by cutting down on paper-based, mortgage representative, and third-party costs. Also this fall, ieDigital announced a partnership with Darlington Building Society and a collaboration with DF Capital to help the savings and commercial lending bank to launch a new digital interactive channel for its savings customers.
An alum of our developers conference, FinDEVr NewYork 2017, Boston, Massachusetts OutSystems specializes in cloud-native, low-code app development. More than 14 million people currently use OutSystems’s platform to build solutions such as mobile apps and consumer websites, as well as extensions of core systems from Microsoft and Salesforce. The latest platform edition from the company, code named Project Neo, marries the productivity benefits of visual, model-based development with state-of-the-art container- and Kubernetes-based cloud architecture. The technology is hosted on Amazon Web Services to make it easy for any company to build customized, cloud-based apps that scale globally and can be continuously updated.
“Developers should be the artisans of innovation in their organization, but they are mired in complexity that stifles their ability to innovative and differentiate,” OutSystems CEO Paulo Rosado said. “Instead of using their talents to fix, change, and maintain code and aging systems, you can give them industry-leading tools that unleash their creativity on your business, and achieve massive competitive advantage.”
Consumer payment services company Klarna has selected account-to-account (A2A) payments company GoCardless to offer debit bank payments to its U.S. clients.
Specifically, Klarna will use GoCardless’ technology to transfer funds via ACH for its Pay in 4 offering that enables customers to split any purchase into four interest-free payments both online and in-store.
GoCardless CEO and Co-Founder Hiroki Takeuchi said that he anticipates alternative payment methods to experience rapid growth as leveraging debt falls out of favor. “Over the next few years we expect account-to-account payments to challenge the dominance of cards as they tap into changing consumer demand and provide merchants significant benefits in terms of cost, conversion and churn,” Takeuchi said.
Klarna CTO Koen Köppen noted that the U.S. is a key market for Klarna. The company doubled its customer base in the last year, and now has more than 21 million U.S. customers. “To continue along that trajectory,” Köppen noted, “we need partners that not only provide our consumers and retailers more choice and control but also offer us cutting-edge technology and best-in-class service. We’re excited to work with GoCardless and leverage its expertise in account-to-account payments as we expand in the U.S.”
GoCardless, which wonBest Enterprise Payments Solution at the Finovate Awards earlier this year, was founded in 2011. The U.K.-based company’s technology helps merchants collect recurring and one-off payments from customers via ACH transfers. Businesses can integrate GoCardless’ API to automate payment collection and reconciliation billing for subscription and invoice payments. Among GoCardless’ clients are DocuSign, Survey Monkey, and Box.com.
Today’s news about Klarna’s new ACH payment capabilities for U.S. customers is the latest in the company’s recent push into the North American region. Last month, Klarna announced it is adding its Pay Now option to its U.S. payment services. The company also unveiled plans to launch its physical debit card in the U.S. market.
GoCardless entered the U.S. market in 2019 and has since opened two offices in New York City and one in San Francisco. By the end of next year, GoCardless plans to grow its U.S. team by another 125%.
The announcement that global identity verification specialist Trulioo has signed up a sextet of cryptocurrency companies as its latest round of customers is a testament to the growing maturity of startups in the digital asset business. The six firms – Centbee, GMO Trust, Omni Matrix, Skilling, Strike Protocols, and Vintech Capital – will use Trulioo’s GlobalGateway to enable them to meet KYC and AML compliance requirements.
“The pandemic democratized the world of financial services, helping casual or novice investors explore financial trading online,” Trulioo CEO Steve Munford explained. “With cryptocurrencies becoming mainstream, digital asset issuers and exchanges understood the need to bolster their identity verification programs to securely and seamlessly onboard a huge uptick in users while meeting compliance obligations.”
Trulioo’s GlobalGateway gives companies access to more than 400 data sources to confidently and securely verify the identities of more than five billion individuals worldwide via a single API. The platform provides identity verification with real time comprehensive match results, ID document verification using intuitive image capture and automated verification technology, and AML (anti-money laundering) watchlists with extensive international coverage. This coverage includes sanction lists from law enforcement and government regulatory entities such as financial and securities commissions.
The solution also provides Business Verification, which Trulioo demonstrated during its most recent appearance on the Finovate stage last year at FinovateEurope in Berlin, Germany. At the conference, the company demonstrated its GlobalGateway Business Verification technology which provides regulated entities with certainty about their business customers and assures compliance with Customer Due Diligence (CDD) requirements. Leveraging key company data from government sources in more than 80 countries and from non-government sources in more than 195 countries, GlobalGateway Business Verification automates the complete Know Your Business workflow, enabling companies to verify business entity data, conduct watchlists reviews, and identify and verify a business’ beneficial owners.
Founded in 2011 and headquartered in Vancouver, British Columbia, Canada, Trulioo has raised more than $474 million in funding. The company’s most recent fundraising was a Series D investment in June of this year that added $394 million to the firm’s coffers. The round was led by TCV.