Bureau, the digital identity verification and fraud protection platform, has raised USD 12 million in series-A funding round led by Quona Capital with participation from Commerce Ventures and Okta Identity.
This funding round also had participation from as strategic angels like Mark Britto of Paypal, and Bobby Mehta of ex-Transunion fame, the startup said in a statement on Thursday. Bureau had raised a seed round of USD 4.2 million in August 2020 from XYZ Ventures, Blume Ventures, Village Global, EMVC and Sweat Equity Ventures, who have invested in the series-A round as well, it added.
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The funds will be used to enhance products and establish a wider footprint in India, and Southeast Asia, it said, adding a portion of the money will also go into doubling up on its current capabilities for customer on-boarding and launch solutions including account takeover prevention, transaction monitoring, and solving return-to-origin and chargebacks use cases. Bureau was founded by serial entrepreneur Ranjan Reddy in 2020, just as the pandemic was pushing the world towards digital transactions. Since then it has been helping businesses automate their decisions, customer on-boarding, preventing fraud, and offering seamless user experience.
Bureau verifies identities, fights fraud, and generates trust in both businesses and consumers. “Bureau seamlessly protects and accelerates user journeys using only a mobile number. Digital interactions become smoother, swifter and more secure,” said Reddy. According to Fortune Business Insights, fraud detection and prevention platforms globally is projected to grow from USD 26.97 billion in 2021 to USD 141.75 billion by 2028.
With over 12 million identities verified through the platform to date, it has a customer base comprising leaders in fintech and financial services including Jupiter Money, Goibibo, Aditya Birla Capital, ICICI Prudential Mutual Fund, India Gold, and Phonepe.