Identity verification platform for businesses, Bureau, has raised $4.5 million in its Series C, bringing its total to $16.5 million. The funding was raised from GMO Venture Partners and GMO Payment Gateway. Other investors in the round include Quona Capital and Commerce Ventures.
The Bureau has raised $20.5 million to date. In addition to its new funding, it also announced an acquisition voididentity verification startup backed by Y Combinator, and entered into a strategic partnership with GMO Payment Gateway.
Established in 2020, Bureau headquarters are in Singapore and California, with teams in Dubai and India. It claims to have increased its customer base and revenue 6x in the last 12 months, and 300 million identities have been verified through its platform. The Bureau helps companies prevent fraud and comply with compliance regulations. Sectors served by the Bureau include banking, fintech, insurance, the gig economy and real money gaming.
Prior to establishing the Bureau, co-founder and CEO Ranjan Reddy started mobile billing aggregator Qubecell, which was sold to mobile payments company Boku in 2013. Reddy then served as chief business officer at Boku Identity, which was acquired by Twilio.
Reddy said the Bureau’s approach is to build a single source of truth, with its network of verified identities, all signs behind a mobile number. Reddy explained that the Bureau maps a digital person, including mobile phone numbers, emails, devices and IPs, and also physical identification based on document verification, OCR, Facematch, biometric, information from government databases or database checks /AML. This generates contextual, signaled insights when someone opens an account, completes fulfillment for verification, logs into an app or makes a transaction.
An identity network is built over time by combining digital people, physical identity and behavior using link analysis. An identity risk factor is then assessed based on how many links there are and what type, including indications of past fraudulent activity.
Some examples of how banks and neobanks have used the Bureau to prevent mule accounts and synthetic identity detection on boarding. Some lending companies are using the Bureau’s insights to lend to a larger base of new customers by more accurately assessing their risk profile. Some fintech organizations use the Bureau’s anti-fraud software to detect account takeovers.
Reddy said one way Bureau differentiates itself from other identity management platforms is that it is not a data broker. It shares decisions and not consumer data. He added that tokenized identities are part of the Bureau’s data privacy architecture.
The Bureau’s new funding will be used in further investments in data and AI capabilities to automate its decisions, improving their efficiency and coverage. It also wants to expand its current coverage in 20 markets to more than 100 markets worldwide.