Argentina-based anti-fraud company VU Security has reportedly collected $12m in its Series B funding round.
The round was supported by Globant, Agrega Partners, NXTP Ventures, Bridge One, the IDB Lab and Telefónica, according to a report from TechCrunch.
The investment from Globant is also part of a partnership deal. This deal will see Globant offer VU’s technology to banks through an easy to integrate system.
VU’s founder and CEO Sebastián Stranieri got the idea for the company in 2007 after helping his grandmother verify her identity with the Argentinian government, the article claims. The idea for VU was to create simple digital experiences that could reduce pain points when verifying identity.
The company’s technology offers fraud prevention and identity protection. Its services are used by over 130 clients in 22 countries, spanning Latin America, the US and Europe.
Its technology leverages biometrics, user behaviour analytics and geolocation to ensure strong identity verification online.
The company has over 150 employees and recently opened an office in New York, the article claims. VU has also experienced an average of 85% year over year revenue growth, which is expected to be the same for 2021.
With the close of the round, the RegTech company has raised a total of $20m in funding.
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