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Bureau raises Series A funding led by GMO VenturePartners

By Gloria Mathias

July 18, 2023

  • APAC funding
  • Bangalore
  • Bureau
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Bureau, RegTech, RiskTech, Bangalore, Funding, Series A, Tokyo, GMO VentureCapital Bureau, an India-based RegTech platform, has raised $4.5 million from GMO VenturePartners, GMO Payment Gateway, and existing investors to complete its Series A funding round at $16.5 million. The total funding gained by the startup is $20.5 million.

The company serves customers across banking, fintech, insurance, the gig economy, and real money gaming. Bureau was set up in 2020 by Ranjan Reddy, who earlier founded payments startup Qubecell in Asia. It was later acquired by Twilio.

“We founded Bureau to build a single source of digital trust, ” said Ranjan R Reddy, CEO and founder of Bureau. “Our identity decisioning platform is purpose-built to orchestrate massive, disparate data to recognise, structure, and amplify risk signals in milliseconds so that customers can reach an absolute decision in real-time.”

Reddy added, “Compliance regulations are no longer limited to the banking sector. Nearly every sector – the gig economy, crypto, gaming, ecommerce – faces regulations, some for the very first time. But companies cannot just rely on compliance. They need to know whether a digital identity, and their transaction is really who they say they are. So, compliance + fraud prevention from one source, in the form of a trust network is highly valuable. This acquisition does just that. It adds to the distinct strengths of our device intelligence, behavioural AI, and no-code decisioning platform and brings additional KYC and compliance workflows to our real-time, AI-based capabilities.”

The platform has completed the acquisition of inVOID, a YC-backed identity verification startup. Bureau plans to leverage this to enhance its global coverage and widen its IP scope and tech stack.

Ryu Muramatsu, Director/Founding Partner at GMO VenturePartners Inc. noted, “Ranjan and his team have displayed vision-market fit and have demonstrated the credentials it takes to succeed in the fraud and risk mitigation space. We are honoured to back them and partner with them to take their identity decisioning platform for fraud prevention and compliance management globally. As an investor on both debt and equity sides, it’s clear to us that Fraud prevention is a key priority for Fintechs today, and Bureau is in a great position to become the market leader in this space.”

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