Amex Ventures and Citi Ventures were among the returning investors that backed the identity verification software provider in its series D round, at a $1.75bn valuation.

Canada-based identity authentication technology producer Trulioo secured $394m yesterday in a series D round valuing it at $1.75bn that included payment services provider American Express and financial services firm Citi. Growth equity firm TCV led the round, which included venture capital firms Blumberg Capital and Mouro Capital – the latter sponsored by financial services firm Santander. American Express and Citi invested through American Express Ventures and Citi Ventures respectively. Founded in 2009, Trulioo has built a software tool that helps organisations such as banks to verify their clients’ identity in order to avoid money laundering and other financial frauds. Steve Munford, Trulioo president and CEO, said: “This new round of funding will enable us to accelerate our goal to become an end-to-end identity platform. “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 artificial intelligence and machine learning capabilities and accelerate our global go-to-market strategy.” American Express Ventures, Citi Ventures and Mouro Capital predecessor Santander InnoVentures had all taken part in a $52.8m series C round for the company in 2019 that was led by investment bank Goldman Sachs’ Growth Equity unit. Returning investors Blumberg Capital and Canadian state-owned Business Development of Canada’s BDC Capital subsidiary filled out the round. Trulioo had received $15m in a 2015 series B round featuring American Express Ventures, BDC Capital, Blumberg Capital and Tenfore Holdings. It came in the wake of a $6m series A round a year earlier led by Tenfore that included BDC Capital and Blumberg, after the latter had provided $2m in seed capital in 2012.

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.



Not sure if you have a subscription?
Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.