The identity verification startup Trulioo has acquired HelloFlow, a Denmark-based firm offering a no-code, drag-and-drop solution for client onboarding monitoring, and digital workflow. Trulioo did not disclose the acquisition’s price, which closed on February 7, but said that it was a combination of cash and shares.
“Establishing and securing trust online is a foundational step for all digital activity.”
Trulioo plans to use HelloFlow’s technology to assist in onboarding new customers. Trulioo claims that its customers will see increased efficiencies as the automated tool provides a vastly simplified onboarding process.
According to the startup, the acquisition accelerates the delivery of an enhanced end-to-end identity platform by combining Trulioo GlobalGateway, its data and identity services network for business and individual verification, with onboarding workflow and risk management capabilities.
Trulioo is a global identity verification startup that claims it provides real-time verification of five billion consumers and 330 million business entities worldwide — all through a single API integration.
Despite its unicorn status and valuation at $2 billion CAD, Trulioo has carried out only one other acquisition. Back in 2014, the startup acquired Australia-based Global Data Company, a firm specializing in electronic cross-border identity verification.
That acquisition was Trulioo’s first, enabling the startup to enter the anti-money laundering and know your customer compliance space. That space now comprises an important part of Trulioo’s business.
Trulioo’s senior VP of identity solutions, Garient Evans, previously told BetaKit that cryptocurrency firms represent Trulioo’s largest customer segment. Crypto companies come to Trulioo because the crypto firms operate in multiple countries and have to meet standard money laundering compliance requirements, according to Evans.
“Establishing and securing trust online is a foundational step for all digital activity,” said Steve Munford, Trulioo president and CEO. “Our ability to verify both businesses and individuals globally, combined with HelloFlow’s advanced orchestration, delivers unmatched capabilities and helps us accelerate an end-to-end identity platform that meets the evolving needs of our customers.”
HelloFlow was founded in 2020 by Mikkel Skarnager, who previously led Digital Transformation at Saxo Bank, and Ciprian Florescu, a former senior developer from Nets Group. Since it began the startup has raised $3.3 million.
HelloFlow has approximately 24 staff members. The HelloFlow co-founders will join the Trulioo leadership team as an SVP product and VP of engineering. “We look forward to their expertise, innovative vision and incredible product knowledge as part of the growing Trulioo team,” Lucy Screnci, Trulioo’s senior PR and communications manager told BetaKit.
The staff of HelloFlow also join Trulioo, with offices in Copenhagen, Denmark, and Romania. Trulioo said that HelloFlow’s current locations and operations will support the company’s European expansion; positioning Trulioo well for further growth and allowing it to continue providing additional service to its client roster in the region.
Trulioo now has 320 staff members.
“We set out to build a platform that businesses could leverage for digital onboarding regardless of company size, resources, market or jurisdiction,” said Skarnager. “We’re thrilled to be joining Trulioo and continue the journey of digital innovation and inclusion.”
Since its origin in 2011, Trulioo has raised some $570 million CAD. The startup’s most recent round came in June 2021, when it secured $476 million in Series D funding.
In March before the Series D raise, Trulioo founding CEO Stephen Ufford stepped down from his leadership position, and assumed the role of chairman of Trulioo’s board of directors.
The startup said it plans to continue strengthening its global presence in 2022 by doubling the size of its team and continuing to expand its footprint around the world.
Image source Trulioo via Glassdoor