Fraud and identity platform Bureau on Tuesday announced that it has raised USD 4.5 million (around Rs 36.9 crore) in a funding round led by GMO VenturePartners.
Founded in 2020 by Ranjan Reddy, Bureau ID has raised USD 20.5 million till date, according to a statement. The company has also acquired YC-backed identity verification startup inVOID through which it aims to enhance global coverage, IP scope and tech stack, it said. CEO and Founder Ranjan Reddy said as compliance regulations extend from the banking sector to gig economy, crypto, gaming and e-commerce, in some cases for the first time, companies need fraud prevention as well.
“This acquisition 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,” he added. Ryu Muramatsu, Director and Founding Partner at GMO VenturePartners, said, “As an investor on both debt and equity sides, fraud prevention is a key priority for Fintechs today and Bureau is in a great position to become the market leader in this space.”