Fraud Protection Platform Bureau raises $12 million in Series A round of funding

• ByTejika Bajaj     |    December 17, 2021

Fraud protection platform Bureau recently raised $12 million through its series A round of funding led by Quona Capital. The round also saw participation from Commerce Ventures, Okta Identity as well as strategic angels Mark Britto, EVP Chief Product Officer at Paypal, and Bobby Mehta (Retired) President and CEO of Transunion.

This announcement comes just months after the startup raised $4.2 million in its seed round of funding from XYZ Ventures. The fraud protection platform is likely to utilize the infused capital for enhancing the products and establishing a wider footprint in India and South-East Asia. The company also plans to double-up on its current capabilities in end-to- end customer on-boarding and launch solutions including account takeover prevention, transaction monitoring, and solving return-to-origin (RTO), and chargebacks use Cases.

Expressing his views on the recent infusion of capital, the co-founder and Managing Director at Quona, Ganesh Rengaswamy stated, “COVID has created a transformative opportunity to remove inefficiencies across the digital ecosystem. Solving friction around transactions and trust for businesses and consumers is absolutely critical for hyper-growth in global emerging markets and Asia, and we think Bureau’s full-stack solution has tremendous potential. We are excited to see Bureau’s growth and ambition to become the gold standard to ensure that people and businesses can truly trust one another enough to transact safely, and deliver digital and financial inclusion.”

Founded in 2020 by Reddy, Bureau helps businesses automate their decisions, on-board good customers, prevent fraud, and power seamless user experiences. With over 12 million identities verified through the platform to date, the company has a customer base comprising leaders in fintech and financial services including Jupiter Money, Goibibo, Aditya Birla Capital, ICICI Prudential, India Gold, and PhonePe.

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