Identity verification platform Bureau increases its Series A to $16.5 million. Bureau, a platform for corporate identity verification, has increased its Series A funding by $4.5 million, bringing its total to $16.5 million. GMO Venture Partners and GMO Payment Gateway raised the money. Commerce Ventures and Quona Capital are two additional investors in the round.
To date, the Bureau has raised $20.5 million. Along with the news of its fresh funding, it also disclosed the acquisition of inVOID, an identity verification firm supported by Y Combinator, and the beginning of a strategic alliance with GMO Payment Gateway.
Bureau was established in 2020 and has offices in California, Dubai, and India. It asserts that in the previous 12 months, both its client and revenue statistics climbed six times, and 300 million identities were confirmed on its platform.
Bureau assists businesses with fraud prevention and regulatory compliance. Bureau provides services to the banking, fintech, insurance, gig economy, and real money gaming industries.
Ranjan Reddy, co-founder and CEO of Bureau, previously founded the mobile billing aggregator Qubecell, which was acquired by the mobile payments firm Boku in 2013. After Boku Identity was acquired by Twilio, Reddy worked there as the company’s chief commercial officer.
Identity verification platform Bureau increases its Series A to $16.5 million.
According to Reddy, the Bureau’s strategy is to create a single source of truth via a network of verified identities that are all tokenized and hidden behind a mobile number. According to Reddy, the Bureau creates a physical identity map based on information from government databases, document verification, OCR, Facematch, biometrics, and database/AML checks in addition to a digital person map that includes a person’s mobile number, email address, devices, and IP address.
When someone creates an account, completes compliance for verification, logs into an app, or makes a transaction, this generates contextual, tokenized insights.
Using link analysis, an identity network is created over time by fusing digital individuals, physical identities, and behavior. The number and type of links, as well as any signs of prior fraud, are used to determine the risk factor of an identity.
Banks and neobanks have employed Bureau, for instance, to avoid mule accounts and phony ID detection at onboarding. By more properly assessing their risk profile, a number of lenders are able to lend to a bigger pool of credit-seeking customers. Bureau’s anti-fraud software is used by several fintech companies to identify account takeover.
Reddy claimed that Bureau’s lack of a data broker sets it apart from other identity management platforms. It does not disclose consumer data, only decisions. Tokenized identities are a component of the data privacy architecture at Bureau, he continued.
In order to automate its decisions and increase their efficiency and coverage, the Bureau will use its new resources to make substantial investments in data and AI capabilities. Additionally, it seeks to increase the global scope of the 20 markets it already serves.