Bureau Secures $16.5 Million Series A Funding for Innovative ID Verification Platform
Bureau, the cutting-edge identity verification platform catering to businesses, has recently bolstered its Series A funding by an impressive $4.5 million, bringing the total raised to an impressive $16.5 million. The funding round saw participation from key investors, including GMO Venture Partners and GMO Payment Gateway, as well as notable contributors Quona Capital and Commerce Ventures.
With this latest funding injection, Bureau's total capital raised now stands at an impressive $20.5 million. Alongside the funding announcement, Bureau made two major strategic moves. Firstly, it acquired inVOID, a Y Combinator-backed identity verification startup, and secondly, it forged a strategic partnership with GMO Payment Gateway.
Established in 2020, Bureau boasts its headquarters in California, while maintaining teams in Dubai and India. Over the last 12 months, the platform has experienced remarkable growth, witnessing a six-fold increase in both customer numbers and revenue, with an impressive 300 million identities verified via its platform. Bureau has been instrumental in assisting businesses across various sectors, including banking, fintech, insurance, the gig economy, and real money gaming, in preventing fraud and adhering to compliance regulations.
The brainchild of co-founder and CEO, Ranjan Reddy, Bureau's approach revolves around creating a singular, secure repository of verified identities, each tokenized behind a mobile number. This approach involves mapping out a digital persona, encompassing mobile numbers, emails, devices, IPs, and physical identity through document verification, OCR, Facematch, biometrics, government databases, or database/AML checks. The platform generates contextual, tokenized insights that prove invaluable during account opening, compliance verification, app logins, and transactions.
Bureau further strengthens its identity network by linking digital personas, physical identity, and behavior through sophisticated link analysis. Consequently, the risk assessment of each identity is determined based on the number and type of connections, including any indications of prior fraudulent activities.
Notably, Bureau's platform has already found significant traction across multiple industries. For instance, banks and neobanks rely on Bureau to prevent mule accounts and detect synthetic ID fraud during customer onboarding. Many lending companies leverage Bureau's insights to accurately assess the risk profiles of new-to-credit customers, expanding their lending base. Additionally, numerous fintech organizations have embraced Bureau's anti-fraud software to combat account takeovers.
Bureau prioritizes decision-sharing over consumer data exchange and data privacy using tokenized identities. With a recent funding infusion, the platform plans to invest in data and AI capabilities, expanding services from 20 to 100 markets globally.
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