Trulioo raises over $50M in funding to fuel growth and international hiring

Sep 17, 2019, 1:19 pm EDT | Chris Burt

Canadian biometrics company Trulioo has raised C$70 million (approximately US$52.7 million) in new funding, including a $60 million ($45.2 million) Series C financing round, which the company plans to use to fuel the next growth phase, scaling operations in new markets to tackle pressing issues with identity verification, financial inclusion, and the safeguarding of trust and privacy, according to an announcement. This phase will include increasing Trulioo’s headcount from 130 to 200 people, by hiring staff for its Vancouver, San Francisco and Dublin offices.

The Dublin office was opened in November of last year to support Trulioo’s expansion in Europe.

The Series C round was led by Goldman Sachs Growth Equity, with participation from Citi Ventures, Santander InnoVentures, and existing investor American Express Ventures, while the additional $10 million is from an unannounced follow-on investment by early investors Blumberg Capital and BDC Capital, which the company says occurred last year.

“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,” comments Stephen Ufford, CEO and founder of Trulioo. “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.”

In addition to the banking and financial sectors its latest backers come from, Trulioo serves technology and retail businesses, online marketplaces and social media networks. The company’s API enables verification for five billion consumers and more than 250 million business entities in over 195 countries, according to the announcement. Trulioo GlobalGateway provides real-time access to hundreds of reliable data sources to assist with anti-money laundering and customer due diligence requirements.

“Digital businesses today are under immense pressure to adhere to strict compliance regulations, remain secure, and deliver compelling user experiences,” states Mark Midle of Goldman Sachs’ Merchant Banking Division. “Trulioo has proven to be a key partner in helping global businesses address all of these challenges.”

Trulioo just received recognition as the top RegTech supplier in the Verification Tools/Identity Checks category for its GlobalGateway product from Market Fintech.