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.
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.