Trulioo raises $476M, valued at $2.1B

The startup will use the funding to accelerate its international expansion.

Trulioo, a Vancouver startup that provides global electronic identity verification, raised $476 million CAD (394 million USD) in a funding round led by venture capital firm TCV with participation from existing investors Citi Ventures, Blumberg Capital, Mouro Capital and American Express Ventures.

TCV General Partner, Jake Reynolds, and Principal Amol Helekar will join Trulioo’s Board of Directors.

Why it matters: The funding values the firm at $2.1 billion, graduating the startup into Vancouver’s growing Class of 2021 unicorn companies (worth $1 billion or more). Counting Trulioo, BC has produced at least seven public and private businesses worth over $1 billion dollars since December, including Thinkific, Clio, Dapper Laps, GeoComply, Galvanize and AbCellera.

Approximately $181 million of the funding will go directly to Trulioo, with the balance going to existing investors selling their holdings, according to a report in The Globe & Mail.

Details: “The shift to online has brought digital identity to the forefront,” said Steve Munford, Trulioo President and CEO. “This new round of funding will enable us to accelerate our goal to become an end-to-end identity platform. Our vision is to break down fragmented data silos caused by disparate identity networks, and we will work in partnership with TCV to expand our investments in product innovation, build out artificial intelligence/machine learning capabilities and accelerate our global go-to-market strategy.”

Trulioo’s platform provides real-time verification of 5 billion consumers and 330 million business entities worldwide through a single API integration. Large organizations use Trulioo for business and compliance requirements, and to automate due diligence and fraud protection.

Over the past year, Trulioo has expanded into new verticals, grown its leadership team (including the hiring of Hal Lonas as CTO) and established a presence in Dublin, Austin and San Diego. The startup will use this record amount of funding to accelerate its international expansion.

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The money talks: “We’re thrilled to lead Trulioo’s landmark investment to help further their goal of building an end-to-end identity platform,” said TCV’s Reynolds.

Commenting on the news, Amol Helekar added, “Many of the world’s fastest-growing fintechs, financial services companies, online marketplaces, and ecommerce leaders already rely on Trulioo. They demonstrate the way forward for the huge number of businesses whose digital strategies increasingly depend on accurate, fast and global identity verification.”

Zoom out: With digital transformation accelerating, the U.S. digital identity market alone is projected to increase to over $30B by 2023, according to industry consultants at One World Identity. This has led to skyrocketing demand for the services provided by digital identity verification companies.

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