Canada’s ID startup Trulioo raises $394 million at $1.75 billion valuation

Trulioo is a Canadaian-base startup Silicon-Valley-funde tech company that truly helps solve online safety and trust problems. The company globally deals in providing electronic identity and address verification globally, and they are specialize in AML, KYC, and KYB compliance. In the digital identity and fraud space, Trulioo has become a big unicorn. Trulioo is one of the “CNBC Disruptor 50 Company”. BC Tech Association named them “Emerging Company of the Year”, and World Economic Forum called Trulioo “Technology Pioneer.” As per trulioo 394m series tcvreuterseconomictimes

In June 2021, Trulioo raised $ 394 million in a funding round. The Series D funding round was led by venture capital firm TCV at $1.75 billion valuation. TCMI, known as TCV, was founde in the year 1995. They mainly invest in multi-stage companies based on technologies and public companies. As per trulioo 394m series tcvreuterseconomictimes

TCMI has invested $ 4 billion in e-commerce-based companies like Facebook, Spotify, and Airbnb. In the last 27 years, TCV has invested in 350 technology companies. They have invested over $ 17 billion in these companies. It is headquartere in the US. Amex Ventures, Citi Ventures, Blumberg Capital and Mouro Capital have also participated in the round. Trulioo’s total funded amount has now reached $475 million. Earlier, they raised $15 million in a Series B round in December 2015 and $70 million in Series C round in 2019.

This funding was led by Goldman Sachs along with the participation of Citi Ventures, Santander InnoVentures and existing investor American Express Ventures.

The coronavirus pandemic has played a crucial role in getting this large amount of funding, leading to the digitization of businesses and e-commerce firms. For doing safe and secure transactions, financial firms have to do customer verification, and they find different platforms to perform it. Trulioo has used its new funding to expand in the European region, and now they are based in Dublin too.

Trulioo’s CEO, Steve Munford, said that “The shift to online has brought digital identity to the forefront,”

He said that this funded amount would help to accelerate their goal of becoming an end-to-end identity platform. They are working with TCV to expand their investments in product innovation, build out capabilities and advance their global go-to-market strategy.

Trulioo is helping every kind of business, whether from Fortune 500 lists or small SMBs. They are working continuously to build their trusted relationship with customers. They deal with every industry, such as banking, cryptocurrency, forex, gaming, marketplaces and other communities. As per trulioo 394m series tcvreuterseconomictimes

Trulioo has partnered with Beedie Luminaries (a social profit enterprise which is working continuously to remove barriers to education for students facing financial hurdles). This partnership will help students who are studying science, technology, engineering and mathematics (STEM).

Trulioo had made a commitment for 5 years that they would spend $300,000 on scholarships, paid internships and dedicated mentoring. The founder of Beedie Luminaries, Ryan Beedie, said that they are grateful to Trulioo for helping them in removing barriers to higher education for deserving, driven and highly engaged British Columbians.

Trulioo has ranked no.249 on Deloitte North America Technology Fast 500™, it is ranking in North America of the 500 fastest growing fintech, life sciences, technology, media and telecommunications.

Trulioo is giving service to 5 billion consumers and 330 million business systems all over the world through single API integration. The company has done some layoffs recently as they stopped doing business with small business, as this contributed much less to the company’s revenue. They want to focus on medium and large enterprises of different countries as this segment is considered the “fastest-growing segment”. As per trulioo 394m series tcvreuterseconomictimes

The small business segment was contributing only 3% of the total revenue. CEO believes that the company will move forward with increased focus as the company will stop selling to small businesses. However, they have decided to serve their existing small business customers. Recently, many tech firms have decided to cut their cost and lay off staff because of the inflation rise, interest rates and geopolitical tensions. 81,533 employees have been laid off from 639 tech companies.

In 2022, Trulioo has shown slower revenue growth than last year, 2021. Munford said that the company is well-capitalized and positioned.

Trulioo is expanding across Singapore as its customer base is increasing around Asia-Pacific (APAC) region. This expansion will help them to directly and closely work with their customers, “Ivan Yang, their Asia-Pacific director, is excited to work with his team there. In 2021. Singapore had ranked on top of Coincub, a ranking known for cryptocurrency.

This will lead to an opportunity for Trulioo to expand exponentially to provide Anti-Money laundering. Cryptocurrency will depend on Trulioo’s service as global identity verification and address-proof compliance solutions.

They have also expanded across Latin America. The Chief Product Officer, Michael Ramsbacker, said that they are deeply understanding the needs of companies across the global and they are working hard to improve their consumer onboarding to the companies doing business in countries like Mexico, Uruguay, Dominican Republic and Colombia.

Fintech activities are increasing daily in Latin American counties such as the Dominican Republic. Between 2017 and 2021, the fintech companies experienced an increase of 129% year-over-year growth. The fintech industry’s thrive led to an increase in the need of verification solutions. Uruguay also ranked in the top 20 Global Fintech Index in 2021.

Trulioo has launched an updated GlobalGateway Watchlist, UtilityID, and upgraded Business Verification, this enhanced business verification allows the company to verify the details across the world anywhere.

The market projections for digital identity solutions are expected to exceed $ 30 billion by 2023. Rising in ID wallet solutions has accelerated the use of digital identity solutions. Some of the restraints include the higher cost of positioning digital identity solutions.

Digital identity solution is perceiving higher growth opportunities in the Asia-Pacific region as this region is a mix of developing and developed countries. Their simple mission is to provide each person on the planet with a safe and secure digital identity so that they can have access to all basic financial services and support.

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