Fraud and identity decisioning platform Bureau has raised an additional $4.5 million from GMO VenturePartners, GMO Payment Gateway, and existing investors to complete its series A funding round at $16.5million. With the completion of the latest round, total funding for the start-up has reached $20.5 million to date.
Founded in 2020 by Ranjan Reddy, Bureau is an identity decisioning platform for fraud prevention and compliance management. Enterprises use the Bureau risk orchestration platform to manage compliance and prevent fraud for their entire customer journey.
The company has claimed that it serves customers across banking, fintech, insurance, the gig economy, and real money gaming among others. Its revenues have grown 6x in the last 12 months, with over 300 million identities verified through its platform.
“We founded Bureau to build a single source of digital trust, " said Ranjan R 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, the company has completed the acquisition of inVOID, a YC-backed identity verification startup. Bureau intends to leverage this to enhance its global coverage, widen its IP scope and broaden its tech stack.
Ranjan R Reddy added, “Compliance regulations are no longer limited to the banking sector. Nearly every sector – gig economy, crypto, gaming, e-commerce – faces regulations, some for the very first time. But companies cannot just rely on compliance. They need to know whether a digital identity and their transaction are really who they say they are. So compliance and fraud prevention from one source, in the form of a trusted network is highly valuable. This acquisition does just that. It adds to the distinct strengths of our device intelligence, behavioral AI, and no-code decisioning platform and brings additional KYC and compliance workflows to our real-time, AI-based capabilities. The synergies are a game-changer for companies because, for the first time, they have a clear view into whether a digital identity is trustworthy all orchestrated from a single platform.”
