Trulioo Becomes Tech Unicorn After $394M Series D

Identity verification specialist Trulioo has officially attained tech unicorn status. The Vancouver-based company has raised $394 million in a Series D funding round, bringing it to a $1.75 billion valuation.

The company pitches itself as a data-focused ID verifier, using information from a range of data sources including credit bureaus and phone records to confirm identities. Trulioo says it uses more than 450 different data sources, and its automated process can be built into third party identity apps.

The company also supports selfie-based identity verification, in which end users are prompted to upload selfie images along with pictures of their official identity documents. Facial recognition is used to biometrically match the images together.

The latest funding round was led by TCV, a venture capital firm, with other participants including Amex Ventures, Blumberg Capital, Citi Ventures, and Mouro Capital. Speaking to Reuters, TCV general partner Jake Reynolds explained that his firm’s interest was piqued by the growing demand for digital identity verification among other financial services startups and online marketplaces in which his firm has invested, many of which were already using Trulioo’s services.

Speaking to VentureBeat, Trulioo Chief Operating Officer Zac Cohen affirmed that his company’s solutions are already used widely. “Look for an app on your phone, and they are likely a customer,” he said.

The new funding comes after Trulioo went through a Series C funding round in the late summer of 2019, in which it raised $52.8 million. Since then, Trulioo has welcomed American Express executive Lisa Stanton to its Board of Directors, and named former Mitek executive Garient Evans as its SVP of Identity Solutions, an appointment announced in April of this year.

Sources: Reuters, VentureBeat

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June 7, 2021- by Alex Perala