Trulioo raises $15 million to take its ID verification software to banking

Trulioo

Vancouver-based Trulioo announced today that it has raised $15 million in equity financing from American Express Ventures and existing investors BDC Capital, Blumberg Capital, and Tenfore Holdings. The announcement follows a $6 million Series A from the company in March of last year.

Trulioo produces ID verification software for compliance and to mitigate the risk of fraud. Validating the identities of more than 4 billion people in over 40 countries, Trulioo’s GlobalGateway product is what the company terms a ‘bank-grade’ service, particularly useful in the cross-border payment industry.

“We currently power customer and merchant onboarding for top global payment and ecommerce players in the market, and we are now looking to take our flagship product, GlobalGateway, to the banking industry,” said Ufford, CEO at Trulioo. “This investment is a vote of confidence that we can help support the banking industry in meeting the increasingly complex requirements of cross-border compliance.”

Prior to the funding announcement, Trulioo has spent much of 2015 strengthening its bench, adding a new president and VP of sales. As of September, the company says its revenue has grown 300% for the year.

Douglas Soltys

Douglas Soltys

Douglas Soltys is the Editor-in-Chief of BetaKit and founder of BetaKit Incorporated. He has worked for a few failed companies and written about many more. He spends too much time on the Internet.