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Online identity verification platform Trulioo has closed a $394 million series D round of funding at a $1.75 billion valuation after the pandemic forced businesses across the spectrum to embrace digital transformations.

Much as the need for electronic signatures skyrocketed after most activities went online over the past year, companies have had to rapidly transition to technologies that allow them to verify users are who they say they are. This is particularly crucial in highly regulated industries like financial services.

Verify me

Founded in 2011, Vancouver, Canada-based Trulioo offers various tools for companies to verify their online users, including general identity verification that may check a user’s data against third-party data sources, such as a credit bureau, government database, or mobile carrier.

“We help enterprises verify and authenticate users online to enable swift and secure digital onboarding and in accordance with compliance requirements,” Trulioo chief operating officer Zac Cohen told VentureBeat.

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The company also offers document verification that allows businesses to easily match users’ document data with myriad databases and data vendors from around the world. So a bank that wants to onboard new customers by checking their ID remotely can simply bake Trulioo’s technology into their own apps.

Above: Trulioo: ID verification

Perhaps the biggest challenge companies face in terms of verifying users is that every country has a unique set of rules and regulations and documents vary from location to location. To address this, Trulioo’s API gives companies a direct artery into a global ID verification system.

Although the company doesn’t divulge specific customers, it claims to work with some of the “largest names in financial services, payments, online marketplaces, and crypto exchanges.”

“Look for an app on your phone, and they are likely a customer,” Cohen said. “The reality today is that enterprises operate in a borderless digital economy where consumers want to access services from anywhere in the world. They need an identity verification platform that can scale similarly alongside.”

Trulioo had previously raised around $81 million, and with its latest $394 million cash injection, which was led by growth equity firm TCV, the company is well-financed to capitalize on the burgeoning identity verification needs of businesses across industries.

Big market

The identity verification market was pegged at $7.6 billion in 2020. This figure is anticipated to more than double within four years as companies combat the growing scourge of identity theft and fraud that has reportedly accelerated due to the pandemic.

There has been a flurry of activity across the identity verification space of late, with rivals Jumio and Persona raising $150 million and $50 million, respectively, in the past few months, and Onfido locking down $100 million in funding last year. In the acquisitions realm, we’ve seen Mastercard shell out $850 million for Ekata, while IDnow and Acuant have both made moves in the space this year.

“Online fraud is growing at alarming rates, and the regulatory environment is changing constantly,” Cohen said. “Anyone who has a stake in onboarding users and transacting online needs to be both incredibly strategic and judicious about how they approach identity verification, as bad actors continue to grow more and more sophisticated.”

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