Fast-growing Bureau nets $30 million in Series B funding round

Digital identity and authentication platform Bureau has raised $30 million in Series B funding.

The Series B round was led by Sorenson Capital , with participation from Paypal Ventures and existing investors Commerce Ventures, GMP Venture Partners, Village Global, Quona Capital, and XYZ Ventures.

The San Francisco-headquartered company plans to use the funds to enhance its product portfolio, ramp up talent acquisition, scale its go-to-market team, and expand its international reach, as reported by YourStory. Currently, Bureau employs 85 staff but expects that to reach 120 by 2025’s end.

“As cyberfraud reaches unprecedented levels, Bureau stands at the forefront of the fight against digital fraud,” said Ranjan R Reddy, founder and CEO of Bureau. “The investment from Sorenson Capital and PayPal Ventures validates our revolutionary approach to fraud prevention and accelerates our mission to protect businesses and consumers worldwide.”

Founded in 2020, last summer Bureau announced it had raised $16.5 million in a Series A round. With offices in India, Singapore, Dubai, and California Bureau had seen six times the increase in customer growth in the 12 months leading up to the Series A round. Since then, the company’s customer numbers and revenues have both tripled, Reddy told Forbes.

More than 600 million identities have been verified through Bureau’s biometric platform. CEO Ranjan R Reddy has said that combining fraud prevention and compliance is especially important as sectors such as lending, crypto and gaming face burgeoning regulatory environments.

Rob Rueckert, a partner at Sorenson Capital (a frequent investor in the identity space), said Bureau has qualities that can enable robust growth. “Bureau utilizes a unique combination of device, behavior, financial and partner data to quickly block scammers without creating deal-breaking headaches for users,” Rueckert said.

“By preventing fraud while avoiding any harm to customer retention, revenue and growth, Bureau is truly differentiated in the vast and significant fraud-prevention space,” he added.

Article Topics

behavioral analysis  |  biometrics  |  Bureau  |  digital identity  |  fraud prevention  |  funding