Trulioo Raises $394 Million Funding, $1.75 Billion Valuation 

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What Is Trulioo?

Trulioo is recognised as a technological pioneer and an emerging company of the year. It offers you the best comprehensive global identification solution in the market. It is a company that allows users to be verified on various mobile applications and websites. It is a Canadian-based company that provided a service to Facebook in 2012, and by 2014 it also worked to verify users, even Google and LinkedIn.

About Trulioo

Stephen Ufford and Tanis Jorge founded Trulioo. Before founding Trulioo, both of them used to work in Pharos Global Strategies. Ufford as CEO and Jorge as COO. They had similar jobs with iQuiri.com and NCD Data previously. 

They created Global Gateway, an API designed to help various firms against anti-money laundering regulations in industries like eCommerce. Remittance payments and financial services. For business verification. Trulioo provided real-time access to company filings and ran checks on ultimate beneficial owners. Trulioo’s API, Global Gateway sources available operational data from dozens of mobile network operators. Which adds extra layers against fraud and helps authentication during customer onboarding.

Trulioo’s Funding Round, Investors And Competitors

Trulioo’s company has raised a sum of $394 million dollars in a funding round primarily led by TCV venture capital firm at a valuation of 1.75 billion dollars. Citi Ventures, Mouro Capital, Amex Ventures and Blumberg Capital were their other investors. Among 1323 competitors. Which included Jumio, Riskifiend, Comply Advantage and ID now. Trulioo managed to rank 10th.

The pandemic increased the population requiring verified customer identities with the digitisation of finance firms, e-commerce firms and various other businesses. The company has 450 data sources, including credit and government bureaus. Phone records and information from non-traditional sources.

Statement Of The Company

Trulioo’s Chief executive also said that their crucial feature in this world where privacy is of the essence, they do what they do without seeing the customer’s private information or data. TCV’s Jake Reynold also mentioned that they had already invested heavily in financial services startups and marketplaces where global identity verification is an increasing requirement; that is where Trulioo comes in. Many of these startups were already using Trulioo. Trulioo also said that the number of global identity markers should exceed thirty billion by 2023, according to the One World Identity consulting firm. 

Trulioo’s Products

Trulioo can transform your business through digitisation. Its technology keeps improving, regulations evolve, and customers demand better service. Which Trulioo indeed provides. Some of their products are ID Document Verification, which authenticates and captures images of ID documents and verifies users, Identity Verification, which verifies users from Global Data Sources, which helps build trust online, Business Verification, which identifies business owners and verifies business details to know the level of risk that comes with the entity, Global Watchlist that screens businesses and customers to stop crimes and prevent penalties for non-compliance and lastly UntilityID that verifies and proves addresses across the world in seconds without requiring documents hence removing the need for manual review and ID document verification. 

Future Of Trulioo

Trulioo, in the start, was a completely new business idea with the noble goal of preventing fraud cases and ensuring that their users are authentic. Since then, the need for global identification markers has kept rising. Soon it became a necessity for every website or every digital company worldwide with the upcoming generation of digitisation. Trulioo has kept on improving and streamlining identities and business verification with its robust data and coverage for financial institutions on a global scale. It also leverages external data sources for KYC, Knows Your Customer and prevention of fraud when new customers and businesses are onboarded. In today’s world, their need is crucial, and business cannot be safe from fraud without them.

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