Farukh Kitchlew | Feb 19, 2024 | 0
Bureau bags $16.5M in Series A funding
Identity verification platform Bureau has secured an additional $4.5 million in its Series A funding, bringing the total to an impressive $16.5 million. Renowned investors participated in this round, including GMO Venture Partners, GMO Payment Gateway, Quona Capital, and Commerce Ventures.
Founded in 2020 and based in California, Bureau has become a linchpin in the identity verification. In the last year alone, Bureau saw a six-fold increase in customer and revenue figures, with a remarkable 300 million identities verified through its robust platform. The platform plays a crucial role in fraud prevention and regulatory compliance across various sectors, such as banking, fintech, insurance, and the gig economy.
Banks, neobanks, lending companies, and fintech organizations use Bureau’s identity verification approach for fraud prevention and risk profile assessment. It detects past fraudulent activities and evaluates risk profiles of new-to-credit customers, providing them with additional protection.
Besides new funding, Bureau has also announced the acquisition of inVOID, a startup specializing in identity verification backed by Y Combinator. Furthermore, a strategic partnership with GMO Payment Gateway is set to strengthen Bureau’s market presence.
Co-founder and CEO Ranjan Reddy envisions Bureau as a “single source of truth” mapping digital identity to mobile numbers. This strategy prioritizes data privacy, using Bureau as a decision-maker, not a broker. The platform achieves this by linking digital and physical identities, including emails, mobile numbers, and government records. It generates tokenized insights using this data for procedures like account opening, transaction processing, and compliance verification.
Bureau intends to utilize the new funds to augment its data and AI capabilities to improve efficiency and coverage. Moreover, it seeks to grow from the current 20 markets to over 100 markets globally, aiming to make its mark as a global leader in identity verification.