Trulioo Announces $70M in Funding

Trulioo will use the new capital to advance its mission of building trust online

Trulioo, a Vancouver-based global identity verification provider, has raised a total of C$70 million in new funding, including $60 million in Series C financing led by Goldman Sachs Growth Equity, with participation from Citi Ventures, Santander InnoVentures and existing investor American Express Ventures, and $10 million in unannounced follow-on funding from early investors Blumberg Capital and BDC Capital from last year. This brings Trulioo’s total capital investment since 2011 to $96.6 million.

The funding round will lead the company into its next growth phase, including scaling up operations in new markets to tackle today’s most pressing global problems associated with verifying identities, furthering financial inclusion and safeguarding trust and privacy. Trulioo expects to grow its headcount to 200 people from 130 today, with hiring planned across its Vancouver, San Francisco and Dublin offices.

“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,” said 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.”

Trulioo provides instant global identity verification for five billion consumers and more than 250 million business entities in over 195 countries — all through a single API integration. The company serves customers in a wide range of industries including technology, banking, retail, payments, online marketplaces and social media networks. By integrating with Trulioo’s API, organizations are able to instantly verify the identities of more than two-thirds of the world’s population, enabling those who were previously excluded opportunities to pursue a better life by participating in today’s modern digital economy. Trulioo’s GlobalGateway gives organizations real-time access to hundreds of reliable data sources, allowing them to stay compliant with anti-money laundering and customer due diligence requirements around the world.

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

“We’ve followed the Trulioo story closely for several years and have been consistently impressed with the company’s ability to serve some of the largest and most sophisticated enterprises in the world. We are excited to support Trulioo as it continues to innovate and helps to enhance trust and privacy in increasingly digital world,” said Chase Williams of Goldman Sachs’ Merchant Banking Division.

Trulioo was founded on the belief that a digital identity can have a profound impact, especially in developing countries where most citizens do not have a record of their existence. By providing them with a digital footprint, this underbanked population is no longer invisible; they are included. Trulioo’s global ID verification solution is not constrained by geography, economic status, age or gender, and is available to any business or organization around the world at a low cost and frictionless manner – all with consumer privacy at the forefront.

Additional quotes:

“Trulioo’s robust data and coverage is improving and streamlining identity and business verification for financial institutions globally. Leveraging external data sources for Know Your Customer (KYC) and fraud prevention when onboarding new customers and businesses is crucial. This allows for increased trust and safety in today’s global online ecosystem, solving a key pain point for the financial industry. We are pleased to continue to support Trulioo in its future growth.”

– Dana Eli-Lorch, Managing Director at American Express Ventures

“In today’s digital-first society, validating that people are who they say they are is critical to reducing business risk. Trulioo’s identity verification service makes the process seamless and cost-effective, enabling organizations to quickly onboard new customers while still protecting themselves from identity fraud. We support Trulioo’s mission to boost online trust, privacy and inclusion and are thrilled to kick-off our partnership together.”

– Matt Carbonara, Managing Director, Venture Investing at Citi Ventures

“We are excited to partner with Trulioo at a pivotal time in the company’s evolution and acceleration.”

– Chris Gottschalk, Senior Advisor to Santander InnoVentures 

“Santander is a participant in the global economy, and as the underlying transactions increasingly rely on digital infrastructure, Trulioo’s solution is necessary to verify and protect all participants.”

– Manuel Silva Martínez, Partner and Head of Investments at Santander InnoVentures