Trulioo raises $394m Series D

Trulioo, a specialist in global identity verification, has secured USD394 million in funding at a USD1.75 billion valuation. The Series D round was led by TCV, one of the largest growth equity firms, with participation from existing investors Citi Ventures, Blumberg Capital, Mouro Capital and American Express Ventures. TCV General Partner, Jake Reynolds, and Principal Amol Helekar will join Trulioo’s Board of Directors. 

Trulioo is the premier global identity network enabling companies to reliably onboard customers in a digital-first world. For Trulioo’s customers, this speeds international expansion, mitigates fraud risk, and ensures regulatory compliance. With digital transformation accelerating, the US digital identity market alone is projected to increase to over USD30 billion by 2023, according to industry consultants at One World Identity. This has led to skyrocketing demand for the services provided by digital identity verification companies. Leveraging its vast global reach and fast, accurate identity verification technology, Trulioo has captured an increasing share of this market and demonstrated strong momentum. Over past year alone, Trulioo doubled revenues, expanded into new verticals, grew its leadership team and opened offices in Dublin, Austin, and San Diego.

“The shift to online has brought digital identity to the forefront,” says Steve Munford, Trulioo President and CEO. “This new round of funding will accelerate our goal to become an end-to-end identity platform. Our vision is to break down fragmented data silos caused by disparate identity networks, and we will work in partnership with TCV to expand our investments in product innovation, build out AI/ML capabilities and advance our global go-to-market strategy.”

“We’re thrilled to lead Trulioo’s landmark investment to further their goal of building an end-to-end identity platform,” says Reynolds.

Helekar adds: “Many of the world’s fastest-growing fintechs, financial services companies, online marketplaces, and ecommerce leaders already rely on Trulioo. They demonstrate the way forward for the huge number of businesses whose digital strategies increasingly depend on accurate, fast identity verification globally.”

TCV backs companies at the forefront of digital transformation across industries and it has a deep understanding of the identity verification space. Its extensive investment portfolio includes technology franchises such as Airbnb, AxiomSL, Brex, ByteDance, Clio, Facebook, Klarna, Netflix, Nubank, OneTrust, Payoneer, Revolut, Spotify, Wealthsimple, WorldRemit, and Zillow.

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