Fraud detection startup Bureau announced securing an additional $4.5 million as part of its Series A funding round on July 18. This investment comes almost 19 months after the company raised $12 million in the same round. GMO Venture Partners, an early stage VC firm, along with existing investors, participated in this round, bringing the total Series A funding to $16.5 million.
Bureau Acquisition and Expansion Plans
In addition to the funding, Bureau revealed that it has successfully completed the acquisition of inVOID, a Y-Combinator backed identity verification startup. The acquisition is expected to enable Bureau to expand its global coverage, broaden its intellectual property scope, and enhance its tech stack.
Bureau Solutions and Customer Base
Founded by Ranjan Reddy in 2020, Bureau specializes in assisting businesses with customer onboarding and fraud prevention. The startup leverages diverse data sources to verify identities and ensure compliance. It caters to various sectors, including banks, fintech companies, gaming, gig economy platforms, and ecommerce businesses, providing them with comprehensive identity verification, fraud prevention, detection, risk management, and compliance solutions. Notable customers include Uni Cards, IIFL Finance, Bajaj Finserv, and ixigo.
Impressive Growth and Competition
The Bureau has grown significantly since it started. It has achieved over 300 Mn digital identity verifications in just two years. The previous funding round was led by Quona Capital. Commerce Ventures, Okta Identity, and angel investors Mark Britto and Bobby Mehta also participated.
As more enterprises transition to digital operations, the risk of cyber frauds has become a prominent concern. The Covid-19 pandemic has further accelerated this shift, making it crucial for companies to implement measures to prevent fraudulent activities. Reports suggest that cyber frauds could result in damages costing up to $1 Tn annually by 2025.
Bureau competes with IDfy, Signzy, Helloverify, and Karza Technologies. These companies offer fraud prevention solutions. The landscape is rapidly evolving and their goal is to safeguard businesses and consumers.
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