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VU, a fraud and identity protection firm, has secured $12 million in a Series B funding round. VU’s technology combines geolocation, biometrics, and user behavior analysis to provide users with identity verification and a continuous authentication process that tracks and connects their online and offline identities.
VU, a fraud and identity protection company, has announced that it has raised $12 million in a Series B funding round. The investors in the round include Globant, Agrega Partners, NXTP Ventures, Bridge One, the IDB Lab, and Telefónica.
The new funds will be utilized to employ developers in Europe and the United States.
After spending hours assisting his grandmother in verifying her identification with the Argentinian government in what turned out to be a two-minute process, Sebastián Stranieri, the CEO, who worked in the cybersecurity sector for the last 20 years, came up with the idea for VU in 2007.
It pushed me to create a company to help create digital experiences without the friction.Sebastián Stranieri, the CEO
VU’s technology utilizes geolocation, biometrics, and user behavior analysis to offer users identity verification and allow a continuous authentication process that observes and links their online and offline identities. In other words, it mostly assists government agencies in nations like Argentina and Ecuador in determining whether or not people are who they claim to be.
Mr. Stranieri anticipates the company’s sales growth to continue at 85 percent year over year in 2021, with 100 percent growth expected for 2022. VU has launched an office in Madrid and plans to create offices in Italy, France, the United Kingdom, and New York.
Globant’s investment in VU is also a collaboration. Google, Disney, and Apple are among the companies that Globant has worked with on software development. They’ll bundle VU’s digital experience so that businesses may buy the basic software and modify it afterward. VU’s technology is currently ideal for banks and provides a one-click e-commerce checkout where a retailer’s system recognizes a customer.
Globant is changing the digital experience, so having their backing is a great message to our customers and partners that we are performing well. Their backup and those of all of our investors provides an opportunity to take a risk and help us grow faster.Sebastián Stranieri, the CEO
VU has expanded to over 150 workers in the last three years and now operates across Latin America and Europe, serving big-name companies like Santander and Prisma, as well as Latin American governments. VU has also launched its first office in New York, aiming to triple its staff in the coming year.