Trulioo raises $394 mn in Series D at $1.75bn valuation

By Pavithra R

Canadian identity verification provider Trulioo has announced securing $394 mn in a Series D funding round at a $1.75 bn valuation. The investment round was led by TCV, one of the world’s largest growth equity firms, with participation from existing investors Amex Ventures, Citi Ventures, Blumberg Capital and Mouro Capital.

“The shift to online has brought digital identity to the forefront. This new round of funding will enable us to accelerate our goal to become an end-to-end identity platform. Our vision is to break down fragmented data silos caused by disparate identity networks, and we will work in partnership with TCV to expand our investments in product innovation, build out artificial intelligence/machine learning capabilities and accelerate our global go-to-market strategy,” said Steve Munford, Trulioo President and CEO.

Founded in 2011, Trulioo is the premier global identity network enabling companies to reliably onboard customers in a digital-first world. With digital transformation accelerating, the U.S. digital identity market alone is projected to increase to over $30bn by 2023, according to One World Identity. Trulioo by leveraging its vast global reach and fast, accurate identity verification technology, has demonstrated strong momentum and captured an increasing share of this market. The company, over the past one year alone, has expanded into new verticals, grown its leadership team and established a presence in Dublin, Austin and San Diego.

Trulioo has also announced that TCV General Partner, Jake Reynolds, and Principal Amol Helekar joining its Board of Directors.

“Many of the world’s fastest-growing fintechs, financial services companies, online marketplaces, and ecommerce leaders already rely on Trulioo. They demonstrate the way forward for the huge number of businesses whose digital strategies increasingly depend on accurate, fast and global identity verification,” said Amol Helekar.