Bureau Completes $16.5M Series A Funding and Acquires inVOID for Identity Verification
- ByStartupStory | July 19, 2023
Bureau, the fraud and identity recognition platform based in San Francisco, has successfully concluded its Series A funding round, raising an additional $4.5 million and bringing the total funding to $16.5 million. The round saw participation from GMO VenturePartners, GMO Payment Gateway, and existing investors, as per the company’s statement.
Ranjan R Reddy, CEO of Bureau, emphasized the capabilities of their identity decisioning platform, designed to efficiently process vast amounts of data and swiftly identify risk signals in real-time. “Our identity decisioning platform is purpose-built to orchestrate massive, disparate data to recognize, structure, and amplify risk signals in milliseconds so that customers can reach an absolute decision in real-time,” he stated.
In addition to the funding news, Bureau also announced its acquisition of inVOID, an identity verification company based in Delhi. This acquisition is set to bolster Bureau’s device intelligence, behavioral AI, and no-code decisioning platform, further enhancing their capabilities.
The rising incidents of cybercrime have been a cause for concern, and Bureau’s solutions are well-positioned to address this growing issue. The cybercrime market is projected to reach $13.6 billion by 2025, with an annual growth rate of 21%, as reported by NASSCOM and DSCI.
Reddy noted that compliance regulations are now impacting various sectors beyond banking, encompassing the gig economy, crypto, gaming, ecommerce, and more. Bureau’s expanded capabilities, thanks to the acquisition of inVOID, will enable them to address these emerging regulatory challenges effectively.
Operating across various sectors, including banking, fintech, insurance, gig economy, and real money gaming, Bureau has witnessed impressive growth, with revenue surging six-fold in the past year. The company has successfully completed identity verification for over 300 million users to date and has established offices in Bengaluru, Singapore, and Dubai.
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