Vancouver-based online identity verification startup Trulioo raised $70 million CAD–just over $50 million USD–in a new round of funding.
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Trulioo, which was founded in 2011, allows companies and organizations to run global identity checks. The company, which currently has about 130 employees, plans to hire an additional 70 people by the end of the year and “organically scale,” Trulioo CEO Stephen Ufford said in an interview.
Digital identity verification is a way to bring opportunity in modern economies to people who aren’t able to migrate to other countries, Ufford said.
“With trust comes opportunity and with opportunity comes economic gain, and economic gain is what’s lining those people up at the borders,” Ufford said.
About half of the new cash will be invested in product and technology, and the other half will go toward growing the sales teams. With global identity verification, the two major areas of investment are in raw data and the software stack, Ufford said. Trulioo needs to acquire more data faster and in more countries and then have the flexible software to process it.
The company raised its first seed round in 2011 and raised its $6 million Series A in March 2014, with Tenfore Holdings as the lead investor. Trulioo has been profitable for several years, Ufford said.
“As we transition to a digital economy, Trulioo stands to support all the types of identity verification that global businesses need today,” Matt Carbonara, Citi Ventures’ managing director of venture investing, said in a statement. “At Citi Ventures, we’re excited to invest in Trulioo’s Series C because its platform is well-positioned to scale with the changes in global identity verification with trust, privacy and inclusion.”
Illustration: Li-Anne Dias.