Cybersecurity

Trulioo secures $394M at $1.75B valuation

Socure obtains investment from Capital One Ventures

Canadian fintech Trulioo, an identity verification company, has secured $394 million in a Series D funding round that has bumped up its valuation to $1.75 billion, according to a press release.

The round was led by private equity giant TCV and had participation from Amex Ventures, Citi Ventures, Blumberg Capital and Mouro Capital.

Trulioo’s platform gives real-time verification of 5 billion consumers and 330 million entities across the globe through a single API integration, the company said.

“The shift to online has brought digital identity to the forefront,” Steve Munford, Trulioo President and CEO said in a statement. “This new round of funding will enable us to accelerate our goal to become an end-to-end identity platform. Our vision is to break down fragmented data silos caused by disparate identity networks, and we will work in partnership with TCV to expand our investments in product innovation, build out artificial intelligence/machine learning capabilities and accelerate our global go-to-market strategy.”

The identity verification market has been rapidly growing and is projected to increase to over $30 billion by 2023, according to One World Identity.

“Many of the world’s fastest-growing fintechs, financial services companies, online marketplaces, and ecommerce leaders already rely on Trulioo. They demonstrate the way forward for the huge number of businesses whose digital strategies increasingly depend on accurate, fast and global identity verification,” Amol Helekar, TCV Principal said in a statement.

But the identity verification industry news doesn’t stop there, Socure has also obtained a strategic investment from Capital One Ventures, Finextra reported, although the company didn’t clarify how much the investment was. The online identity verification company just recently raised a $100 million Series D funding round in March.

Capital One was an early adopter of Socure’s platform. Socure plans to use the fresh capital to expand into the industry verticals such as healthcare, e-commerce and on-demand services.

In May I reported on how the identity verification space was heating up and spoke with founders and investors on opportunities & challenges ahead for the identity verification industry.

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