Opinions expressed by Entrepreneur contributors are their own.
You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.
Verification and fraud protection platform Bureau has raised an additional $4.5 million from GMO VenturePartners, GMO Payment Gateway, and existing investors to close its Series A funding round at $16.5 million. With the latest round, the total funding for the startup has reached $20.5 million to date.
“Our identity decisioning platform is purpose-built to orchestrate massive, disparate data to recognise, structure, and amplify risk signals in milliseconds so that customers can reach an absolute decision in real time. The outcome is material. Working with us, companies know who their consumers are, who they say they are and that they have good intentions, while consumers know their digital identities and privacy are safe and secure,” said Ranjan R Reddy, CEO and founder, Bureau.
According to an official statement, in addition to the funding round, Bureau has completed the acquisition of inVOID, a YC-backed identity verification startup. Bureau plans to leverage this to enhance its global coverage, widen its IP scope and broaden its tech stack.
Founded in 2020 by Reddy, Bureau helps businesses automate their decisions, on-board good customers, prevent fraud, and power user experiences. The startup also claims that its revenues have grown six-folds in the last 12 months, with over 300 million identities verified through its platform.
“Ranjan and his team have displayed vision-market fit and have demonstrated the credentials it takes to succeed in the fraud and risk mitigation space. We are honoured to back them and partner with them to take their identity decisioning platform for fraud prevention and compliance management globally. As an investor on both debt and equity sides, it’s clear to us that Fraud prevention is a key priority for Fintechs today,” said Ryu Muramatsu, director/founding partner, GMO VenturePartners Inc.