The enormous shift to business digitization throughout 2020 saw an increasing requirement for financial firms to efficiently verify customers’ identities for secure transactions. To this end, Canadian-based startup Trulioo rose to the occasion by providing a leading electronic identity and address verification service globally. Recently, the company announced a successful funding round to help support its growth following a successful 2020.
Trulioo is best known as being a biometric onboarding and identity verification provider, and its services have been invaluable in protecting the confidential information of users of financial technologies or payments services. It has access to over 450 different data sources, including government and credit bureaus, as well as phone records and information from non-traditional sources. In the past year, it was reported that the company doubled its revenue while expanding into new industry verticals and opening new offices in Dublin, Austin, and San Diego.
Trulioo’s President and CEO Stephen Ufford said, “The shift to online has brought digital identity to the forefront.” The company has recently added big new clients to its roster, including securing accounts with Credit Sesame. Stacking to its achievements, the company also was named one of Canada’s 100 fastest growing companies across the last three years. 2021 has already been an active year for the company, with significant new hires including a new Chief Technology Officer, Hal Lonas, and Chief Revenue Officer, Matt Schatz, who are joining new CFO, Leigh Ramsden, appointed in November of last year. Under their leadership, the company will actively accelerate financial inclusion through verifiable digital identities for the entire global population.
Ensuring the means to its future growth objectives, the recent funding round raised $394 million. This new round sees the company’s valuation close at $1.75 billion. The round was led by venture capital firm TCV whose general partner Jake Reynolds shared that they recognized the increasing need for global identity verification, and that many startups were already using Trulioo. Existing investors Amex Ventures, Citi Ventures, Blumberg Capital, and Mouro Capital also joined the round.
It was shared that the U.S. digital identity market is projected to exceed $30 billion by 2023. By capitalizing on the demand for digital security brought on by the pandemic, and also by acquiring funding to support agile growth, Trulioo is set to stay abreast of this market.