Trulioo, a US-based developer of identify verification software, has raised $15m in a series B round featuring payment processing service American Express’ corporate venturing subsidiary American Express Ventures.
BDC Capital, the investment vehicle of state-owned financial services firm Business Development Bank of Canada, and venture capital firms Blumberg Capital and Tenfore Holdings also participated in the round.
Founded in 2009, Trulioo’s online identity verification tool, dubbed GlobalGateway, is able to confirm a user’s identity in real-time by using 145 trusted sources such as credit bureaus and utility companies. These sources cover data on four billion people across 40 countries.
The technology helps businesses, including banks, comply with anti-money laundering requirements and prevent fraud. Trulioo will use the capital injection to hire sales and customer support staff, and to invest in infrastructure and data acquisition.
BDC Capital and Blumberg Capital previously took part in a $6m series A round for Trulioo in March 2014. Blumberg also contributed $2m in seed funding in 2012.