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Trulioo

Category: AI in Fintech

Trulioo is a leading global identity verification company that provides a single platform for businesses to verify the identities of individuals and other businesses to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Trulioo was founded in 2011. The company is led by Vicky Bindra. Based in Vancouver, Canada. Team size: 251-500. Total funding raised: $454M. Latest round: Series D. Key investors include TCV, Goldman Sachs Growth Equity, Citi Ventures, Amex Ventures, Blumberg Capital, Mouro Capital, Santander InnoVentures.

Founded
2011
Headquarters
Vancouver, Canada
Team size
251-500
Total funding
$454M

Value proposition

Trulioo's main value proposition is its ability to provide global identity verification coverage through a single API integration. Its platform offers access to hundreds of data sources worldwide, enabling businesses to securely verify customers from diverse geographic locations, thereby accelerating digital onboarding and ensuring compliance.

Products and solutions

GlobalGateway: A marketplace of identity data and services., Person Verification (KYC): Verifies individuals by checking data sources like credit files, government-issued IDs, and mobile network operator records., Business Verification (KYB): Verifies business entities, providing information on company vitals, registered addresses, and beneficial owners., ID Document Verification: Uses AI-powered technology to verify government-issued identity documents., Workflow Studio: A no-code, drag-and-drop tool to create and customize identity verification workflows.

Unique value

Trulioo's uniqueness lies in its extensive global data marketplace, GlobalGateway, which provides access to over 450 reliable data sources worldwide. This allows the company to offer identity verification services in over 195 countries, making it one of the most comprehensive solutions on the market. The platform's ability to perform both person (KYC) and business (KYB) verification through a single API is a key differentiator.

Target customer

The company targets global enterprises, particularly in regulated industries, that require robust identity verification for customer onboarding, fraud prevention, and regulatory compliance. This includes financial institutions, fintech companies, payment processors, and online marketplaces.

Industries served

Financial Services, Fintech, Payments, Online Marketplaces, Cryptocurrency, Gaming

Technology advantage

Trulioo's key technological advantage is its AI-powered platform that can intelligently analyze and verify a wide range of identity data and documents. The company's business advantage comes from its vast network of data and technology partners, which allows it to offer a flexible and scalable solution that can be tailored to the specific needs of different industries and regions. The acquisition of the no-code platform HelloFlow has also given them an advantage in providing customizable and user-friendly onboarding workflows.

How they differentiate

Trulioo differentiates itself through its comprehensive global data network, which covers over 195 countries and 450+ data sources. This allows for robust identity verification for both individuals (KYC) and businesses (KYB) through a single API integration. While competitors may focus more on document-centric or biometric verification, Trulioo's strength lies in its data-centric approach and extensive reach, enabling it to verify the identities of billions of people and millions of businesses worldwide.

Main competitors

Jumio, Onfido, Persona

Key partnerships

Worldpay: For AI-driven merchant and consumer verification., Mastercard: To provide identity verification services for Mastercard's network., Airwallex: To enhance global payment and onboarding processes., Refinitiv: A major data partner for business verification and watchlist screening., Alloy: Integration partner for identity decisioning platforms., Trust Payments: To provide identity verification for payment processing., Unit21: Partnership for risk and compliance solutions.

Notable customers

Worldpay, PayPal, Shopify, Binance, Mercari

Major milestones

Achieved 'unicorn' status with a valuation of $1.75 billion after its Series D funding round in 2021., Launched a comprehensive global identity verification platform combining KYC, KYB, and AML watchlist screening., Expanded its global reach to verify over 5 billion people and 700 million business entities., Opened a new international headquarters in Vancouver in 2023., Recognized as a 'Best Workplace' in Canada.

Growth metrics

While specific revenue figures are not public, Trulioo has reported accelerated growth, including a 586% increase in the adoption of its KYB verification services in the U.S. since 2020 and a 33% year-over-year increase in enterprise transaction volume.

Market positioning

Trulioo is positioned as a global leader in the digital identity verification market. It is recognized for its extensive data coverage and its ability to serve a wide range of industries, including finance, fintech, gaming, and online marketplaces. The company's 'unicorn' status, achieved after its Series D funding, solidifies its position as a major player in the industry.

Geographic focus

Trulioo has a strong global focus, with its services covering 195 countries. While headquartered in Vancouver, Canada, it has offices in the US and Ireland to serve its international customer base across North America, Europe, and the Asia-Pacific region.

Patents and IP

Information about Trulioo's patents is not publicly available. As a private company, they are not required to disclose this information.

About Vicky Bindra

Vicky Bindra brings over two decades of fintech management experience with senior roles at FIS, Visa, Mastercard, and Nuvei, including COO and Chief Product Officer positions. His expertise includes payment solutions, digital commerce, and global market expansion.

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