Canadian fintech Trulioo scores nearly $400m to create end-to-end identity giant

By Oliver Smith on Tuesday 8 June 2021

Digital Banking

The fintech is now valued at $1.75bn.

Canadian fintech Trulioo scores nearly $400m to create end-to-end identity giant
Image source: Trulioo.

Fintech-focussed identity verification startup Trulioo has raised $394m as part of its Series D funding round with plans to expand its offering dramatically.

The funding was led by private equity giant TCV, which has also invested in Klarna, Revolut, Nubank and Mollie, along with existing investors Citi Ventures, Blumberg Capital, Mouro Capital and American Express Ventures.

Two of TCV’s team will join Trulioo’s Board of Directors as part of the transaction, general partner, Jake Reynolds, and principal Amol Helekar.

“This new round of funding will accelerate our goal to become an end-to-end identity platform,” said Steve Munford, Trulioo’s president and CEO.

“The shift to online has brought digital identity to the forefront.”

Munford outlined that the cash will be spent on building out Trulioo’s plan to become a one-stop shop for all things digital identity.

“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.”

Trulioo has built out an impressive roster of fintech clients in recent years, including Klarna, Nubank, Revolut, Wealthsimple, WorldRemit and Payoneer.

This quarter, Trulioo hired ex-OpenText CTO Hal Lonas to its senior team as the fintech’s new chief technology officer.

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