Trulioo, a Canada-based global identity verification platform, has raised CAD $70m ($52.8m) in its Series C funding round.
The round included CAD $60m ($45.2m) in Series C financing led by Goldman Sachs Growth Equity and participation from Citi Ventures, Santander InnoVentures, and previous Trulioo backer American Express Ventures. In addition to this, the round included a CAD $10m ($7.5m) follow-on investment from Blumberg Capital and BDC Capital.
Following the close of the round, the company has raised a total of $96.6m in funding.
Trulioo plans to use the new funds to support the next stage of growth for the company. This includes scaling up operations in new markets to combat problems associated with verifying identity, it said. The RegTech also hopes to grow its team to 200 people from its current 130, with plans for hiring in its Vancouver, San Francisco, and Dublin offices.
The RegTech company is an instant global identity verification service for five billion consumers and over 250 million business entities in 195 countries, it claims. By leveraging the API, an organization can verify the identity, through real-time access of data sources, helping to meet anti-money launderings and due diligence requirements.
American Express Ventures managing director Dana Eli-Lorch said, “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.”
Earlier in the year, Trulioo deployed its digital identity services to the financial market data platform Refinitiv to help customers meet regulatory compliance. The partnership will help financial institutions to lower fraud and financial crime incidents by verifying billions of customers online.
Trulioo recently added Malta to its global identity verification coverage system, which allows clients to verify the identities of individuals and businesses in Malta.
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