Fraud and identity decisioning platform Bureau announced today that it has raised an additional $4.5M from GMO VenturePartners, GMO Payment Gateway, and existing investors to complete its series A funding round at $16.5M. With the completion of the latest round, total funding for the startup has reached $20.5M to date.
Founded in 2020, Bureau is an identity decisioning platform for fraud prevention and compliance management. Businesses use the Bureau risk orchestration platform to manage compliance and prevent fraud for their entire customer journey. Today, the company serves customers across banking, fintech, insurance, the gig economy, and real money gaming, among others. Bureau’s revenues have grown 6x in the last 12 months, with over 300M identities verified through its platform. The company is headquartered in San Francisco, with offices in Bangalore, Singapore, and Dubai.
Bureau was set up in 2020 by Ranjan Reddy, who earlier founded payments startup Qubecell in Asia. It was acquired by Boku, and Ranjan served as the Chief Business Officer at Boku Identity, which was later acquired by Twilio. Bureau is the culmination of Ranjan’s experience of two decades in innovating customer journey and the start of a source of truth for a network of verified identities.
“We founded Bureau to build a single source of digital trust,” said Ranjan R Reddy, CEO and founder of Bureau. “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.”
In addition to the funding round, Bureau has completed the acquisition of inVOID, a YC-backed identity verification startup. Bureau intends to leverage this to enhance its global coverage, widen its IP scope and broaden its tech stack.
Ranjan R Reddy added, “Compliance regulations are no longer limited to the banking sector. Nearly every sector – gig economy, crypto, gaming, ecommerce – faces regulations; some for the very first time. But companies cannot just rely on compliance. They need to know whether a digital identity and their transaction are really who they say they are. So compliance + fraud prevention from one source, in the form of a trust network is highly valuable. This acquisition does just that. It 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. The synergies are a game-changer for companies, because for the first time they have a clear view into whether a digital identity is trustworthy, all orchestrated from a single platform.”
Gartner estimates that cyber fraud will cost the world $1T annually by 2025, and it is unsurprising that the market for fraud detection and prevention platforms is expected to reach $142B by 2028; 73% of this expenditure is borne by companies in the banking, financial services, and insurance sectors today.
Looking at the current fraud scenario, Ryu Muramatsu, Director/Founding Partner at GMO VenturePartners Inc. stated, “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 is clear to us that fraud prevention is a key priority for fintechs today, and Bureau is in a great position to become a market leader in this space.”