Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Stated verification coverage | 5 billion people and 330 million businesses | June 2021 | BetaKit |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Jun 2021 | Series D | US$394M (about C$476M) | US$1.75B | TCV (lead); Citi Ventures, Blumberg Capital, Mouro Capital, American Express Ventures | Fasken |
| 2019 | Series C | About C$70M | Not disclosed | Goldman Sachs Growth Equity, Citi Ventures, American Express Ventures | BetaKit |
Investors
Overview
Trulioo helps companies check that their customers are who they say they are. Banks, payment companies, marketplaces, crypto platforms and other regulated businesses use it to verify people (know your customer, or KYC) and companies (know your business, or KYB) during sign-up, through a single connection that reaches data sources in many countries. Stephen Ufford founded it in Vancouver in 2011.
It's infrastructure that most consumers never see but that sits behind a lot of digital onboarding, and it's one of British Columbia's best-known tech companies.
Funding history
In 2019, Trulioo raised about C$70 million from financial institutions: Goldman Sachs Growth Equity, Citi Ventures and American Express Ventures. Having banks and a card network as investors is telling. They're both potential customers and partners, and their backing signals trust in a product that handles sensitive identity data.
In June 2021, it raised a US$394 million Series D (about C$476 million) at a US$1.75 billion valuation, led by growth investor TCV. Citi Ventures, Blumberg Capital, Mouro Capital and American Express Ventures also took part. The round made Trulioo a unicorn. Around the same time, the founder stepped back from day-to-day leadership and Steve Munford took over as CEO and president.
We haven't found a later priced round in reliable sources. As with any private company, the 2021 valuation reflects that moment's market rather than today's.
Revenue: what's public
Trulioo hasn't published its revenue, and we haven't found a reliable company-reported figure. Its revenue model is usage-based: customers typically pay per verification, often with committed annual volumes. So revenue tends to rise with its customers' sign-up volumes, which in turn track activity in fintech, payments and online marketplaces.
Why identity verification is a market to watch
Several forces push demand up: anti-money-laundering rules keep getting stricter, more financial services move online, fraud using AI-generated images and documents is rising, and verifying businesses as well as individuals has become a requirement in more places. Against that, competition is intense, from specialist verification companies and from larger fraud and payments platforms adding identity features.
What this means if you're…
Selling to Trulioo: a data-heavy infrastructure company buys data partnerships, security and compliance tooling, cloud infrastructure and fraud-detection capabilities.
Buying identity verification: ask any vendor about coverage in the specific countries you need, match rates and pricing per check, since these vary a lot between providers.
Researching fintech infrastructure: Trulioo's investor list, which mixes growth equity with banks and payment companies, is typical of the sector. See how to find who invested in a company.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What is Trulioo's valuation?
Trulioo was valued at US$1.75 billion (about C$2 billion) as of June 2021, according to Fasken. Private company valuations are set at funding rounds and can change significantly between them.
How much revenue does Trulioo make?
Trulioo is a private company and has not publicly disclosed its revenue. Estimates published by third-party sites are modelled, not reported by the company.
Who are Trulioo's investors?
Investors named in public announcements include TCV, Goldman Sachs Growth Equity, Citi Ventures, American Express Ventures, Blumberg Capital and Mouro Capital.
When was Trulioo founded and where is it based?
Trulioo was founded in 2011 and is headquartered in Vancouver, British Columbia, Canada.