Trulioo has raised a $15 million venture capital round.
The funding hails from American Express Ventures and existing investors BDC Capital, Blumberg Capital and Tenfore Holdings.
This round marks the first investment by Amex in a Canadian startup and the largest financial technology financing of 2015 in Canada.
Trulioo was founded by serial entrepreneur Stephen Ufford. The Vancouver-based fintech startup provides global identity verification for the online payments industry with clients including Paypal, Square, and Amazon.
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“We currently power customer and merchant onboarding for top global payment and ecommerce players in the market, and we are now looking to take our flagship product, GlobalGateway, to the banking industry,” said Ufford, CEO. “This investment is a vote of confidence that we can help support the banking industry in meeting the increasingly complex requirements of cross border compliance.”
“We have been impressed with Trulioo’s breadth of global consumer data,” said Rohit Bodas, Partner at American Express Ventures. “Conducting identity verification checks to onboard new customers and merchants in multiple countries is a complex problem and an important issue for the financial industry. Trulioo provides an elegant and efficient solution to approach the Know Your Customer process.”
The funding will help Trulioo scale its fast growing business, including expansion of its sales team, technical infrastructure, and customer support as well as data acquisition.
“We see a huge opportunity for Trulioo as regulators around the world ramp up enforcement activities,” said Andrew Lugsdin, partner at BDC Capital. “The company has built something unique, and is a great market fit for today’s environment.” Along with the investment from BDC, Lugsdin will join Trulioo’s Board of Directors.
Trulioo has now raised a total of $26.6 million since 2012.