Trulioo raises $394 million at a valuation of $1.75 billion and turns unicorn

SaaS News -Trulioo-raises-$394-million (source: SaaS Industry)
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At a Glance

Trulioo has raised $394 million in a Series D funding round led by TVC, a venture capital firm. With its valuation reaching $1.75 billion, the company turns unicorn. Steve Munford, Trulioo’s CEO, said that the Vancouver-based firm has access to over 450 distinct data sources, including government and credit bureau databases, as well as phone records.


Trulioo, a Canada-based online verification company, has announced that it has raised $394 million in a Series D funding round led by TVC, a venture capital firm. With its valuation reaching $1.75 billion, the company turns unicorn.

Other participants in the round include existing investors Amex Ventures, Citi Ventures, Blumberg Capital, and Mouro Capital.

The massive funding round comes as the epidemic has spurred business digitalization, and e-commerce and banking institutions want new ways to authenticate consumers’ identities to conduct secure transactions.

Steve Munford, Trulioo’s CEO, said that the Vancouver-based firm has access to over 450 distinct data sources, including government and credit bureau databases, as well as phone records and information from nontraditional sources.

And the key, what we do here, which is important in a world that is even more concerned about privacy, is we do it without seeing your information and without seeing the data it is being compared to. So it’s done in an encrypted transaction.

Steve Munford, Trulioo’s CEO

Jake Reynolds, a general partner at TCV, told Reuters that his firm had made significant investments in online marketplaces and financial services businesses, and it has identified the growing demand for worldwide identity verification. Trulioo was already being used by several of those firms.

He said, “We know the problems that they [firms] see, and we know the momentum behind all those businesses as well and saw the growth.”

According to the consultancy company One World Identity, the US digital identity industry is expected to hit $30 billion by 2023, Trulioo said.

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