Canada-based identity verification services provider Trulioo disclosed C$70m ($52.8m) in funding yesterday from investors including payment services provider American Express and financial services firms Citi and Santander.
The company raised $45.2m in series C funding from the corporates, which invested through subsidiaries Citi Ventures, Santander InnoVentures and American Express Ventures, and investment bank Goldman Sachs’ Growth Equity unit, which led the round.
The rest consisted of follow-on funding from venture capital firm Blumberg Capital and BDC Capital, part of the Canadian government-owned Business Development of Canada, that was secured sometime in 2018.
Founded in 2009, Trulioo provides a software-based customer verification service that enables clients including banks to confirm their customers’ identity, meet anti-money laundering regulations and compile detailed audits of past transactions.
Customers integrate the service into their own web software using Trulioo’s GlobalGateway integration module, which then processes all identity requests in real time on the back of information from credit bureaus and other trusted sources.
Trulioo claims its data provides coverage of 5 billion people and 250 million companies across 195 countries.
The series C round brought Trulioo’s total funding to C$96.6m, it said. The cash will support growth plans which include scaling up in new markets and growing its headcount from 130 to 200 across offices in Vancouver, San Francisco and Dublin.
American Express Ventures combined with BDC Capital, Blumberg Capital and Tenfore Holdings for Trulioo’s $15m series B round in 2015. It had received $6m in a 2014 series A round led by Tenfore Holdings and backed by BDC Capital and Blumberg, the latter having also supplied $2m of seed funding in 2012.