Revenues and customer growth increased 6x in the last 12 months as GMO VenturePartners adds $4.5m to existing $12m series A. Bureau eyes strategic partnership with GMO Payment Gateway and acquires YC backed identity verification startup inVOID to enhance its global coverage, widen its IP scope and broaden its tech stack.
As businesses around the world expand and grow, they seek to understand who their customers are and if they can trust them. Helping them on this journey, fraud and identity decisioning platform Bureau is today announcing an additional $4.5m from GMO VenturePartners, GMO Payment Gateway, and existing investors to complete its series A funding round at $16.5m. With the completion of the latest round, total funding for the startup has reached $20.5m to date.
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Founded in 2020, Bureau is a global identity decisioning platform for fraud prevention and compliance management. Businesses use the Bureau risk orchestration platform to manage compliance, and prevent fraud for their entire customer journey. Today the company serves customers across banking, fintech, insurance, the gig economy, and real money gaming among others. Bureau has increased customer and revenue numbers 6x in the last 12 months, with over 300m identities verified through its platform. The company is headquartered in San Francisco, with offices in India, Singapore, and Dubai
Bureau is the brainchild of Ranjan Reddy, who earlier founded payments startup Qubecell in Asia that was later acquired by Boku and Ranjan served as Chief Business Officer at Boku Identity (latterly acquired by Twilio). Bureau is the culmination of Ranjan’s two decades experience in innovating the customer journey and the start of a source of truth for a network of verified identities.
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“We founded Bureau to build a single source of digital trust, ” said Ranjan Reddy, CEO and founder of Bureau. “Our identity decisioning platform is purpose-built to orchestrate massive, disparate data to recognise, structure, and amplify risk signals in milliseconds so that customers can reach an absolute decision in real time. The outcome is material. Working with us, companies know who their consumers are, who they say they are and that they have good intentions, while consumers know their digital identities and privacy are safe and secure.”
In addition to the funding round, Bureau has completed the acquisition of inVOID, a YC-backed identity verification startup and agreed a strategic partnership with GMO Payment Gateway. Bureau intends to leverage this to enhance its global coverage, widen its IP scope and broaden its tech stack.
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