Bureau, an identity decisioning platform designed for fraud prevention and compliance management, has bagged an additional $4.5m.
The San Francisco-based company announced that it has raised the funding courtesy of GMO VenturePartners, GMO Payment Gateway, and its existing backers. This latest capital influx marks the completion of Bureau’s Series A funding round, taking the total to $16.5m. Overall, the start-up has accrued an impressive total of $20.5m in funding to date.
Bureau, founded by Ranjan Reddy in 2020, operates as an identity decisioning platform aimed at combating fraud and simplifying compliance. The platform is utilised by businesses across a range of sectors, including banking, FinTech, insurance, the gig economy, and real money gaming. Bureau’s platform orchestrates and manages risk, ensuring a smooth and secure customer journey. Remarkably, the company’s revenues have grown six-fold in the last year, with over 300m identities verified through its platform.
This newly raised funding will further fuel Bureau’s mission to build a single source of digital trust. More specifically, Bureau plans to use the funds to enhance its global coverage, widen its intellectual property scope, and expand its tech stack. The recent acquisition of inVOID, a YC-backed identity verification start-up, is a key element of this strategy.
As part of its growing suite of services, Bureau has added KYC and compliance workflows to its real-time, AI-based capabilities. These enhancements further solidify Bureau’s position as a comprehensive solution for companies seeking to verify digital identities and ensure transaction security.
Bureau CEO and founder Ranjan R Reddy said, “We founded Bureau to build a single source of digital trust. Our identity decisioning platform is purpose-built to orchestrate massive, disparate data to recognise, structure, and amplify risk signals in milliseconds so that customers can reach an absolute decision in real time. Working with us, companies know who their consumers are, who they say they are and that they have good intentions, while consumers know their digital identities and privacy are safe and secure.”
Bureau had previously raised a total of $16m in its Series A round before the additional investment of $4.5m.
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