Fintech startup Trooly has raised $10m in a Series A funding round led by Bain Capital Ventures and Milliways Ventures to launch its new Instant Trust product.
Instant Trust, is a rating service that enables peer-to-peer marketplaces and financial institutions to verify and screen potential users.
The company says the service can also be applied by marketers and employers across industries.
“Trooly’s Instant Trust rating uses machine learning to deliver rich insight quickly based on billions of public and permissible data sources — moving well beyond old-school background checks, credit scores and risk management tools, ” Savi Baveja, co-founder and CEO of Trooly, said.
Commenting on the financing, Ajay Agarwal, managing director of Bain Capital Ventures, said that the company is “addressing an entirely new need — one that’s particularly critical for today’s financial institutions and peer-to-peer marketplaces”.
Anand Rajaraman, partner at Milliways Ventures, added, “Trooly is exactly the kind of company we love to fund — deep computer science with big impact.
“We’re thrilled to see the progress Trooly has made since our seed investment two years ago. Now it’s time to scale the business and deepen Trooly’s reach across customers and use cases.”
Launched in 2014, Trooly is targeting markets representing $9.2bn in relevant trust, risk and safety data spend.
The company, based in Los Altos, California, offers its rating service for less than $1 per query and returns rating data within 30 seconds.
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