Id verification online platform Trulioo lands a $394 Million series D round of funding at a $1.75 Billion valuation after the Covid-19 pandemic compelled business across multiple platforms to adapt to digital transformations. Due to most of the work done online in the past year, the need for digital signatures also increased. Organizations had to change to platforms that could let them verify user identities. The task has become particularly important in the financial services sector which is highly regulated.
Venture Beat says "Trulioo had previously raised around $81 million, and with its latest $394 million cash injection, which was led by growth equity firm TCV, the company is well-financed to capitalize on the burgeoning identity verification needs of businesses across industries." Vancouver, a Canada-based company was established in 2011. The company offers verification tools that the organizations use to verify their customer identity of online users, it may include general id verification data that sees user's data against third-party sources, like government databases, mobile carriers, or credit bureau.
Troolio says it helps organizations authenticate and verify online customers to allow easy and safe online onboarding that is according to compliance requirements. Besides this, the company offers 'document verification' that lets organizations cross-check used document information with myriad databases and data operators across the globe. For instance, if a bank wants to admit a new customer by remotely checking their identification, it can do it with the help of Trulioo. In the present scenario, the biggest issue that companies have to face is that different countries have a unique set of rules and laws, and the documents also change from country to country.
To counter this, Trulioo's API feature helps gives companies a global Id verification system via a direct artery. "Online fraud is growing at alarming rates, and the regulatory environment is changing constantly. Anyone who has a stake in onboarding users and transacting online needs to be both incredibly strategic and judicious about how they approach identity verification, as bad actors continue to grow more and more sophisticated," says Zac Cohen, Chief Operating Officer, Trulioo.