FB pixel

Trulioo raises $394M at $1.75B valuation to tackle biometric verification market

Trulioo raises $394M at $1.75B valuation to tackle biometric verification market
 

Trulioo has raised $394 million in a Series D funding round the company claims is the largest ever for a digital identity verification company. The funding round gives the biometric onboarding and identity verification provider a valuation of $1.75 billion.

The funding round was led by TCV, with participation from previous investors Amex Ventures, Citi Ventures, Blumberg Capital and Mouro Capital.

In the past year, Trulioo says it has doubled its revenue, expanded into new industry verticals, and opened new offices in Dublin, Austin, Texas, and San Diego, California.

The company also appointed new Chief Technical and Revenue Officers already in 2021. A new CFO was appointed in November.

Accelerating digital transformation has dramatically increased demand for digital identity verification, a market Trulioo has captured an increasing share of, according to the announcement. A white paper published by Trulioo in March shows the growth of mobile device biometrics and other identity verification technologies among financial service companies and online marketplaces in response to the COVID-19 pandemic.

Recent customer wins for Trulioo include providing face biometrics to secure new accounts for Credit Sesame, and the company was declared among Canada’s 100 fastest-growing companies over the past three years in September.

“The shift to online has brought digital identity to the forefront,” says Steve Munford, Trulioo president and CEO. “This new round of funding will accelerate our goal to become an end-to-end identity platform. Our vision is to break down fragmented data silos caused by disparate identity networks, and we will work in partnership with TCV to expand our investments in product innovation, build out AI/ML capabilities and advance our global go-to-market strategy.”

“Many of the world’s fastest-growing fintechs, financial services companies, online marketplaces, and ecommerce leaders already rely on Trulioo,” comments TCV Principal Amol Helekar. “They demonstrate the way forward for the huge number of businesses whose digital strategies increasingly depend on accurate, fast identity verification globally.”

Helekar and TCV General Partner Jake Reynolds will join Trulioo’s Board of Directors. TCV has an extensive portfolio of companies driving digital transformation, including Airbnb, ByteDance, Facebook, Netflix, Revolut and Spotify.

There was a series of significant acquisitions last week in the biometrics and digital identity field.

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News

 

Data is ammo in biometric authentication’s arms race with AI fraud: EIC 2025 panel

On the internet, nobody knows if your dog can skateboard. KuppingerCole Lead Analyst Paul Fisher introduced viral videos of skater…

 

Government faces questions about Gov.uk Wallet, asks its own questions about digital ID

Industry concern over the UK government’s plan to launch the Gov.uk Wallet continues to rise towards a boil, and meetings…

 

Scottish public support the use of biometrics in policing, Commissioner survey says

The latest survey of the Scottish public’s attitudes to police use of biometrics data has shown only “modest” improvement. The…

 

Hsiao-Chun Wu’s wearable biometric authentication via PPG wins NSF grant

A release from Louisiana State University (LSU)’s College of Engineering says electrical and computer engineering professor Hsiao-Chun Wu is the…

 

US biometric data privacy lawsuit against Clearview concludes after 5 years

The biometric data privacy lawsuit against Clearview AI has finally been officially settled. The lawsuit has been crawling along since…

 

UK govt pushes online safety regulations but commits major fumble on One Login

The online safety regulatory landscape in the UK is currently in the midst of a bizarre conflict, as the government…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events