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Identity verification startup Bureau completes $16M series A funding round

Categories Biometrics News  |  Trade Notes
Identity verification startup Bureau completes $16M series A funding round
 

Bureau, an identity verification company, has announced the completion of its $16.5 million series A funding round after adding $4.5 million from GMO VenturePartners, GMO Payment Gateway, and existing investors. The completion of this round brings total funding for the startup to $20.5 million to date.

Founded in 2020 and based in California with offices in India, Singapore, and Dubai, the company has seen 6 times the increase in customer growth in the last 12 months.

Customers across banking, the gig economy, and even real money gaming use the risk orchestration platform to manage compliance and prevent fraud throughout the customer journey. Over 300 million identities have been verified through its biometric platform.

The platform creates a network of verified identities tokenized behind a phone number. It “maps out” digitally stored information like phone numbers, emails, devices, IP addresses, and checks selfie biometrics as well as information from government data and AML databases.

This information is then analyzed to determine fraud risk. Unlike other identity platforms, says Reddy according to TechCrunch, Bureau is not a data broker and shares decisions about consumer data and not the data itself.

“Working with us, companies know who their consumers are, who they say they are and that they have good intentions, while consumers know their digital identities and privacy are safe and secure,” says Ranjan Reddy, founder and CEO of Bureau.

Bureau has also completed the acquisition of inVOID, an identity verification startup. The company also agreed to a partnership with GMO Payment Gateway.

Reddy says that combining fraud prevention and compliance is especially important now because “nearly every sector – gig economy, crypto, gaming, ecommerce – faces regulations, some for the very first time. They need to know whether a digital identity and their transaction is really who they say they are,” he says.

The acquisition, Reddy says, will bring additional KYC and compliance workflows and give companies a clear image of whether a digital identity is trustworthy all in one platform.

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