Trulioo

regtechekyc/aml/cft

FOUNDING YEAR: 2011
LOCATION: Canada
Last Update: 08/09/2020

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About

Trulioo is the leading global identity verification provider specializing in anti-money laundering (AML) and Know Your Customer (KYC) compliance. Trulioo's identity verification solution, GlobalGateway, provides secure, real-time access to reliable and trusted traditional data sources such as public records, credit files and government data as well as alternative sources including social networks, ad networks, mobile applications, and e-commerce to offer organizations an efficient and effective way to evaluate new and existing users through a single API. Trulioo is tackling one of the most ambitious challenges in global identity verification—to build a universal solution for fraud prevention and compliance systems worldwide. With that goal in mind, Trulioo is helping create a layer of trust on the Internet by providing organizations the ability to verify the identities of more than 4 billion people in over 50 countries, worldwide.

Watch

Trulioo Empowers Tomorrow's Changemakers Through I.D. Verification

MEDICI Analysis

Trulioo is a digital verification platform that conducts online KYC for both individuals and business entities through a single API. It offers identity verification services for businesses and organizations globally using government and private databases. It enables users to conduct verification by providing access to more 4 billion people in over 60 and 250 million companies in more than 80 companies.

Focus

PRODUCTS & SERVICES

Trulioo offers GlobalGateway, an electronic verification platform that refers to more than 200 data sources across credit bureaus, government agencies & financial firms to conduct online verification of individuals and business entities. Product offerings include: Identity Verification: Conducts online verification of IDs and documents. Business Verification: Conducts online verification of business entities by verifying their ultimate beneficial ownerships. Data Exchange: Enables data partners and clients interested in providing access to consumer data for electronic identity verification (elDV) purposes to set bid/ask prices for elDV on a regional basis. It also offers an international mobile KYC solution that connects to two dozen mobile network operators (MNOs), covering 1.8 billion mobile users across the globe.

REVENUE MODEL

Transactional

MAIN CLIENTS

Retail banks

acquirers

and merchants.

EXISTING PARTNERSHIPS

Azul Systems

SAP

Zooz

Cloudera

First Data

Encap Security

Socure

Deloitte

Datastax

PRIMARY PROBLEM SOLVED

Trulioo's identity verification solution, GlobalGateway, enables businesses to securely access hundreds of trusted global data sources that have been vetted with strict security and compliance standards to instantly verify customers online through a Noramalized API or SaaS portal. GlobalGateway creates efficiencies for businesses operating globally by bypassing long approval processes and cumbersome integration across borders and jurisdictions. Developed for an international market, GlobalGateway was created to build a layer of trust online by helping businesses and organizations verify identities online to mitigate fraud and financial crime activities. By providing a normalized identity verification solution with custom rule sets that can be used to access 4 billion consumers worldwide to meet cross-border compliance obligations, businesses can easily and quickly onboard customers while complying with international Anti-Money Laundering (AML) and Know Your Customer (KYC) rules, which were previously done manually or in-person across multiple platforms.

Traction

VALUATION / MARKET CAP:

$100 M in 2015

ACTIVE USERS:

4000.0000

People

FOUNDERS

Stephen Ufford

Tanis Jorge

BOARD MEMBERS AND ADVISORS

David Blumberg

Andrew Lugsdin

Dan Levine

Tanis Jorge

NUMBER OF EMPLOYEES

51-200

INVESTORS:

American Express

BDC

Blumberg Capital

Citi Ventures

EUREKA

Goldman Sachs

Plug and Play Tech Center

Santander InnoVentures

UST Global

KEY EMPLOYEES:

Slobodan Kuzmanovic

Anne Lawlor

Jon Jones

Kim Hong

Rob Hartley

Zac Cohen

Anatoly Kvitnitsky

Keir Breitenfeld

Stephen Ufford (CEO)

Anne Lawlor (CFO)

Momentum

FUNDED

YES

TOTAL FUNDING

$67.54 M

DATE OF LAST FUNDING

Sep 2019

TOTAL FUNDING COMMENT

The company is planning to use its funds to bring Trulioo’s flagship GlobalGateway product into the banking industry. (Dec. 2015)

SEED CLOSED ON

Jun 2012

FUNDING SERIES

SERIES A  · $6 M  · Mar 2014

SERIES B  · $7.68 M  · Jul 2018

SERIES C  · $52.86 M  · Sep 2019

CONVERTIBLE DEBT

$1 M

LISTED

NO

Innovation Programs

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Trulioo

About

Trulioo is the leading global identity verification provider specializing in anti-money laundering (AML) and Know Your Customer (KYC) compliance. Trulioo's identity verification solution, GlobalGateway, provides secure, real-time access to reliable and trusted traditional data sources such as public records, credit files and government data as well as alternative sources including social networks, ad networks, mobile applications, and e-commerce to offer organizations an efficient and effective way to evaluate new and existing users through a single API. Trulioo is tackling one of the most ambitious challenges in global identity verification—to build a universal solution for fraud prevention and compliance systems worldwide. With that goal in mind, Trulioo is helping create a layer of trust on the Internet by providing organizations the ability to verify the identities of more than 4 billion people in over 50 countries, worldwide.

Watch

Trulioo Empowers Tomorrow's Changemakers Through I.D. Verification

Focus

PRODUCTS & SERVICES

Global Identity Verification, AML & KYC Compliance, Fraud Prevention, Risk Mitigation, Data Exchange, Trust Enablement

REVENUE MODEL

Transactional

TOP PROBLEM SOLVED

Trulioo's identity verification solution, GlobalGateway, enables businesses to securely access hundreds of trusted global data sources that have been vetted with strict security and compliance standards to instantly verify customers online through a Noramalized API or SaaS portal. GlobalGateway creates efficiencies for businesses operating globally by bypassing long approval processes and cumbersome integration across borders and jurisdictions. Developed for an international market, GlobalGateway was created to build a layer of trust online by helping businesses and organizations verify identities online to mitigate fraud and financial crime activities. By providing a normalized identity verification solution with custom rule sets that can be used to access 4 billion consumers worldwide to meet cross-border compliance obligations, businesses can easily and quickly onboard customers while complying with international Anti-Money Laundering (AML) and Know Your Customer (KYC) rules, which were previously done manually or in-person across multiple platforms.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRODUCT DEVELOPMENT COMMENT

Our vendor and country-agnostic API/ web portal provides a consistent and normalized set of data fields for client service integration, which translates to a cost-effective solution that offers scalability, flexibility and adaptability.

KEY DIFFERENTIATORS

- Normalized API (universal fields) - Flexible integration options - Transparent verification results per individual - Custom rule sets - Secure, reliable and vetted global data sources

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Retailers

Enterprise - Others

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Small And Medium Business - Other

Traction

ACTIVE USERS/ACCOUNTS:

400 Million

LIVE USERS/TRANSACTIONS:

Yes, in live production

CHANNEL STATUS

MULTIPLE CHANNELS

People

NUMBER OF EMPLOYEES

11-50

BOARD MEMBERS AND ADVISORS:

David Blumberg, Dan Levine, Andrew Lugsdin, Ellen Moskowitz, Tom Purves, Saurabh Ranjan, Erik Stuart

INVESTORS:

BDC Venture Capital

Blumberg Capital

Plug & Play ventures

Tenfore Holdings

UST Global

Momentum

FUNDED

YES

TOTAL FUNDING:

$2.3 M

LISTED

NO

FUNDING SERIES

SERIES A  · $6.00  · ---