Vancouver startup Trulioo raises $52M for identity verification tech

The Trulioo team. (Trulioo Photo)

Vancouver, B.C.-based startup Trulioo has raised $52 million to fuel the growth of its identification technology service.

The 8-year-old company helps banks, financial service providers, online marketplaces, and others verify the identity of their customers, using hundreds of data sources that cover 5 billion people and 250 million companies. Co-founders Stephen Ufford and Tanis Jorge launched Trulioo in 2011 after selling three credit information startups.

Its new funding round was led by Goldman Sachs Group, and included participation from Citi Ventures, Banco Santander SA, and American Express, which is also a customer.

The 130-person company also raised a smaller round earlier this year from Blumberg Capital and Business Development Bank of Canada, reported The Globe and Mail.

Trulioo is similar to Auth0, the Seattle-area startup that also builds identity tech and raised a $103 million round earlier this year.

McKinsey estimates the ID-verification-as-a-service market will reach $16-to-20 billion by 2022. Other competitors include giants such as Okta and Microsoft, and startups such as Onfido, Socure, Evident, and Jumio.

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