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Online identity verification platform Trulioo has closed a $394 million series D round of funding at a $1.75 billion valuation, coming at a time when companies across the spectrum have had to embrace digital transformation due to the worldwide pandemic.
Similar to how the will need for electronic signatures has skyrocketed due to fairly considerably each activity going on the internet more than the previous year, businesses have also had to swiftly transition to technologies that permit them to confirm that their customers are who they say they are, without the need of relying on in-individual meetings. This is specifically pertinent in very-regulated industries such as economic services.
Founded in 2011, Vancouver, Canada-based Trulioo delivers a variety of tools for businesses to confirm their on the internet customers, which includes common identity verification which may perhaps verify a user’s information against third-party information sources such as a credit bureau, government database, or mobile carrier.
“We help enterprises verify and authenticate users online to enable swift and secure digital onboarding, and in accordance with compliance requirements,” Trulioo chief operating officer Zac Cohen told VentureBeat.
The business also offers document verification, permitting enables companies to very easily match users’ document information with myriad databases and information vendors from about the world. So, a bank that wishes to onboard new shoppers by checking their ID remotely, can do so by baking Trulioo’s technologies into their personal apps.
Perhaps the largest challenge that businesses face in terms of verifying customers lies in the reality that each nation has its personal distinctive set of guidelines and regulations, whilst documents differ from place to place. Trulioo’s API offers businesses a direct artery to a worldwide ID verification method.
Although it does not divulge certain shoppers, it does claim to work with some of the “largest names in financial services, payments, online marketplaces, and crypto exchanges.”
“Look for an app on your phone, and they are likely a customer,” Cohen mentioned. “The reality today is that enterprises operate in a borderless digital economy where consumers want to access services from anywhere in the world. They need an identity verification platform that can scale similarly alongside.”
Prior to now, Trulioo had raised about $81 million, and with its newest $394 million money injection which was led by development equity firm TCV, the business is effectively-financed to capitalize on the burgeoning identity verification wants of companies across industries.
The identity verification marketplace was pegged as a $7.6 billion sector in 2020, a figure that is anticipated to more than double inside 4 years as businesses combat the expanding scourge of identity theft and fraud which has reportedly accelerated due to the pandemic.
As such, there has been a flurry of activity across the identity verification space of late, with rivals Jumio and Persona raising $150 million and $50 million respectively in the previous handful of months, whilst Onfido locked down $one hundred million in funding last year. And in the acquisitions realm, we’ve seen Mastercard dole out $850 million for Ekata, whilst IDnow and Acuant have each made moves in the space this year.
“Online fraud is growing at alarming rates, and the regulatory environment is changing constantly,” Cohen mentioned. “Anyone who has a stake in onboarding users and transacting online needs to be both incredibly strategic and judicious about how they approach identity verification, as bad actors continue to grow more and more sophisticated.”