As demand for global identity verification grows, this financing marks the largest round by an identity verification company.
Trulioo, the leader in global identity verification, announced today it has completed a $394M Series D round at a $1.75B valuation. The Series D 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. TCV General Partner, Jake Reynolds, and Principal Amol Helekar will join Trulioo’s Board of Directors.
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Trulioo is the premier global identity network enabling companies to reliably onboard customers in a digital-first world. For Trulioo’s customers, this speeds international expansion, mitigates fraud risk and ensures regulatory compliance. With digital transformation accelerating, the U.S. digital identity market alone is projected to increase to over $30B by 2023, according to industry consultants at One World Identity. This has led to skyrocketing demand for the services provided by digital identity verification companies. Leveraging its vast global reach and fast, accurate identity verification technology, Trulioo has demonstrated strong momentum and captured an increasing share of this market. Over the past year alone, Trulioo has expanded into new verticals, grown its leadership team and established a presence in Dublin, Austin and San Diego.
“The shift to online has brought digital identity to the forefront,” says Steve Munford, Trulioo President and CEO. “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.”
“We’re thrilled to lead Trulioo’s landmark investment to help further their goal of building an end-to-end identity platform,” says Reynolds.
Adds Amol Helekar, “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.”
TCV backs companies at the forefront of digital transformation across industries and it has a deep understanding of the identity verification space. Its extensive investment portfolio includes technology franchises such as Airbnb, AxiomSL, Brex, ByteDance, Clio, Facebook, Klarna, Netflix, Nubank, OneTrust, Payoneer, Revolut, Spotify, Wealthsimple, WorldRemit, and Zillow.
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