Trulioo’s Steve Munford says a unicorn valuation is part of the journey, not the destination

Steve Munford Trulioo

Although hitting a billion-dollar valuation is an important milestone for any company, Trulioo CEO Steve Munford says it is only part of the journey to success, not the destination.

In an interview at SAAS NORTH with BetaKit, Munford said he hopes unicorns would be more common in Canada, however, companies should have “broader ambitions to go further before an exit.”

“Let’s not characterize it as the destiny of what we’re all trying to achieve,” he said. “We’re trying to achieve the next Shopify, we’re trying to achieve the next Uber, the next Amazon, and the unicorn is the next milestone.”

“We’re trying to achieve the next Shopify, we’re trying to achieve the next Uber, the next Amazon, and the unicorn is the next milestone.”

Vancouver-based identity tech startup Trulioo officially attained unicorn status in June after it raised $476 million CAD in a TCV-led Series D funding round.

Founded close to a decade ago, Trulioo has developed a digital identity verification solution that operates as a single API integration. With offices in Vancouver, San Francisco, and Dublin, Trulioo offers global identity verification for 330 million businesses, which encompasses 5 billion consumers.

As for the company’s journey, Munford says the destination is the “domination of the digital identity space.”

“We think about it, not as a six-month, one-year, or two-year journey, we think about it as a multi-year journey to creating this great Canadian bedrock of a tech company that will solve the digital identity challenge,” he said.

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According to Munford, Trulioo was built with a mission to allow all seven billion people in the world to have an authenticated, digital identity that enables them to “participate in the global economy, not be someone exploited by the global economy.”

“That’s the kind of democratization that digital identity solves,” he adds.

To learn more about Munford’s insights on expectations for digital identities, privacy issues, the importance of product development, and Trulioo’s journey to success, take a listen to the full interview from SAAS NORTH below.

Charlize Alcaraz

Charlize Alcaraz

Charlize Alcaraz is a journalism student at Ryerson University and the business and technology editor at The Eyeopener, Ryerson's largest independent newspaper.